Federal Reserve Board Member Bowman became the first voting member of the Federal Reserve to vote against the Federal Reserve interest rate decision since 2005. The other 11 voting members of the Federal Reserve all voted in favor of lowering the Federal Reserve's policy rate by 50 basis points, while Bowman favored a 25 basis point rate cut. Federal Reserve Chairman Powell said after the July interest rate meeting, "I do think that we are a consensus-based organization." He also said that differences of opinion do occur. This is part of the process. It is not wrong to hold different opinions, and it just happens.