Warren to oppose Powell over new Fed mandate, citing regulation ‘flaws’

Its. Elizabeth warrenElizabeth WarrenBiden to Speak on Economics Tuesday, With Fed Election Looming Christie: Trump Must Stop Talking About ‘Stolen’ Elections, Focus On Future Republican Senator: Democrats Can Only Get Funding For Middle-Class ‘Gift Programs’ PLUS (D-Mass.) He said Monday that he will vote against President BidenJoe BidenBiden will speak on the economy on Tuesday, with the Fed election looming, the NAACP chair calling Rittenhouse’s verdict ‘a warning shot that vigilante justice is allowed’ Optimistic Democrats as the bill from social spending goes to the Senate MOREJerome Powell’s nomination to serve another four years as chairman of the Federal Reserve, citing his “failures in regulation, climate and ethics.”

Warren had previously called Powell “a dangerous man to head the Fed” and announced in September that he would oppose his nomination.

She argued Monday that Biden’s selection of Powell makes it even more important that the Senate also confirm Lael Brainard’s choice of president to serve as vice president.

“It is no secret that I am opposed to the appointment of President Jerome Powell and will vote against him. I will support the appointment of Lael Brainard as vice president by the president. Powell’s failures in regulation, climate and ethics make the still-vacant position of Vice President of Oversight of utmost importance, ”Warren said in a statement.

Warren said the vice president position “should be filled by a strong regulator with a proven track record of strict and effective enforcement, and it should be done quickly.”

“American taxpayers have bailed out big financial institutions enough times. It is the job of the Federal Reserve to ensure that large financial institutions do not put our economy at risk, ”he added.

Warren has previously praised what she called Brainard’s “strong and powerful dissenters” in response to deregulation actions taken under Powell’s leadership.

“She makes a good case for why it’s the Federal Reserve’s job to be that cop on the sidelines and make sure the bigger financial institutions don’t put our economy at greater risk,” she said this summer in an interview with Bloomberg TV.

Warren’s opposition to Powell means that the Senate Majority Leader Charles schumerChuck Schumer Voters need to feel the benefit, not just hear the message Standoff scraps a quick settlement on the Senate defense bill before Thanksgiving Defund Biden: the only way to put America on a budget MORE (DN.Y.) will have to rally the Republican votes for his nomination, which will be an easy task since Powell was nominated to be president by the former President TrumpDonald Trump Two Fox News Contributors Resigned Over Tucker Carlson’s Jan. 6 Documentary Republican Senator: Decisions On Bills That Went Made Based On Whether They Hurt Or Help Trump Or Biden O’Rourke Will Not Say If He Wants Biden campaign for him in the Texas Senate race MORE in 2017.

Two other progressives, Sens. Sheldon whitehouseSheldon WhitehouseBiden will speak on economics Tuesday, with Fed election imminent On money: House Democrats pass Biden’s big bill Two more Democrats urge Biden not to elect Powell for Fed chairman MORE (DR.I.) and Jeff MerkleyJeff MerkleyBiden to speak on the economy on Tuesday, with Fed election imminent On money: House Democrats pass Biden’s big bill Two more Democrats urge Biden not to elect Powell as Fed chairman MORE (D-Ore.), Noted last week that they would also oppose Powell because of his reluctance to involve the Federal Reserve further in preparing the US economy for future shocks caused by climate change.

“President Biden must appoint a Fed Chairman who will ensure that the Fed is fulfilling its mandate to safeguard our financial system and shares the Administration’s view that fighting climate change is the responsibility of all policy makers. That person is not Jerome Powell, ”the senators said in a joint statement Friday.



Reference-thehill.com

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