(15 Mar 2023) Sen. Elizabeth Warren, D-Mass., blasted Fed Chair Jerome Powell on Wednesday over the bank runs involving Silicon Valley Bank and Signature Bank. Subscribe for more Breaking News: Website: Twitter: Facebook: Instagram: You can license this story through AP Archive: ...(read more)
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On Tuesday, Senator Elizabeth Warren had a heated exchange with Federal Reserve Chair Jerome Powell over his handling of bank failures during the COVID-19 pandemic. During the Senate Banking Committee hearing, the Senator accused the Fed of being too lenient with large banks and criticized the lack of accountability both for those banks and for Powell himself. The Senator focused on the Fed's decision to ease regulations on the largest banks earlier this year after the pandemic hit, arguing that the move was in conflict with the Fed's mandate to promote financial stability. She pointed out that the large banks had already been given a number of regulatory breaks as a result of the 2018 Dodd-Frank law, and yet, despite these advantages, many of these banks still struggled during the pandemic, with some even needing to use the Fed's lending facilities to stay afloat. Senator Warren also raised concerns over the Fed's role in the collapse of Archegos Capital, a family office that lost billions of dollars, causing significant losses for some of the largest banks in the world. She questioned Powell's decision not to investigate the matter further, and accused him of being too soft on these banks, saying "It just doesn't look like you're doing your job". Powell, in turn, defended his actions, saying that the Fed had been monitoring the banks closely and had acted accordingly to prevent a broader financial crisis. He also argued that while the large banks had been given some regulatory relief, they were still subjected to rigorous scrutiny and testing. This exchange is just one example of Senator Warren's ongoing scrutiny of the financial sector, and her advocacy for consumers and regular Americans who she believes have been wrongly disadvantaged by the current system. It also highlights some of the ongoing tensions between those who believe that the financial sector needs to be more tightly regulated and those who argue that excessive regulation can stifle economic growth. Overall, Senator Warren's criticism of the Fed's handling of the pandemic and its aftermath is likely to continue, as she seeks to hold financial institutions to account and ensure that the public interest is protected. Whether or not the Fed will make any significant changes to its policies and approach remains to be seen, but the Senator's sharp questioning and public statements may prompt some much-needed debates on this important issue. https://inflationprotection.org/fed-chair-powell-criticized-by-sen-warren-for-bank-failures/?feed_id=89412&_unique_id=64402c539e55a #Inflation #Retirement #GoldIRA #Wealth #Investing #0f75996b3e0244f5a9c26c732ff43c11 #33f7dfe83b7c4c939f46c559e9a097ba #4424373 #associatedpress #elizabethwarren #jeromepowell #news #USBankCollapseSenatorWarrenCR #BankFailures #0f75996b3e0244f5a9c26c732ff43c11 #33f7dfe83b7c4c939f46c559e9a097ba #4424373 #associatedpress #elizabethwarren #jeromepowell #news #USBankCollapseSenatorWarrenCR
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