Senator Warren vows to oppose the appointment of Federal Reserve Board Chairman Powell

Senator Elizabeth Warren on Tuesday Federal Reserve Board Chairman Jerome Powell — He accuses him of being a “dangerous man” who has made the US banking system less secure during his tenure.

“Your record raises serious concerns to me. Democrats in Massachusetts acted at a hearing in front of the Senate Bank over and over again to make our banking system unsafe. The committee.

Warren argued that under Powell, the Fed is weakening bank scrutiny, including adjusting bank stress tests. Volker rules Bank liquidity requirements.

Powell — Republican Appointed by former President Donald Trump —I didn’t agree that Warren characterized these moves as deregulation, but added that investigating the Fed’s actions under his leadership was a “fair game”.

He did not respond to Warren’s comment that Warren disagreed with his recommendation.

However, Powell’s pandemic response efforts and focus on his work have been praised by Biden administration officials and policy analysts in the wider democratic community.

Biden administration officials praised Chair Jerome Powell’s pandemic response efforts and his focus on his work.
Kevin Ditch / Getty Images

Various powerful Democrats, including Senator Dick Durbin, Jack Reed, and Richard Blumenthal, all welcomed Powell’s reaction to the pandemic, but Reed and Durbin promised to nominate him. I stopped.

Under Powell, the S & P 500 also surged about 60% as Wall Street expanded its recovery from the 2008 financial crisis into a bull market for nearly a decade. This is in line with the rise in the index over the four years that Yellen was in charge of the Fed.

Powell has been working since 2018 and will end his term in February. President Joe Biden has not yet promised to appoint him as Fed chairman.

The president may appoint the chairman of the Federal Reserve Board of Governors from among the incumbent governors for a four-year term. The Senate then needs to confirm the candidate.

Donald Trump and Jerome Powell.
Federal Reserve Board Chairman Jerome Powell is a Republican appointed by former President Donald Trump.
Drew Angeler / Getty Images

Powell was confirmed by a comfortable margin for his current term, in favor of 84 senators.

Other far-left politicians, including Ayanna Pressley and Alexandria Ocasio Cortez, have also expressed opposition to his new tenure, but Warren is now the top politician to do so.

Warren further stated that Powell’s deregulation efforts could lead to other disasters, such as those seen as a result of the collapse of the housing market in 2008.

She argued that Powell was “lucky” to be able to avoid major problems for banks, despite serious incidents such as the implosion of Archegos Capital Management.

“So far, you’ve been lucky, but the 2008 crash shows what happens when you’re out of luck,” she said. “The seeds of the 2008 crisis were planted many years ago by major regulators such as the Federal Reserve, which refused to curb big banks. I came to Washington after the 2008 crisis. , I have confirmed that such a thing will never happen again. “

Senator Warren vows to oppose the appointment of Federal Reserve Board Chairman Powell

Source link Senator Warren vows to oppose the appointment of Federal Reserve Board Chairman Powell

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