Warren ramps up criticism of Fed chair: ‘He has failed’

Democratic Senator Elizabeth Warren (Massachusetts) lashed out at Sunday’s political news programme, lashing out at familiar enemy Federal Reserve Chairman Jerome Powell and his handling of monetary policy and regulatory responsibilities. .

Warren has repeatedly said that Powell “failed” at work amid a possible financial crisis after two bank failures in the past two weeks. A survey of the entire Federal Reserve and regulatory system.

She also repeated her negative opinion of Powell on Sunday, saying on NBC’s “Meet the Press” that she doesn’t think Powell should head the country’s central banking system.

“Look, my view on Jay Powell is well known at this point. He has had two jobs. One is dealing with monetary policy. Response. He failed on both,” she said.

Powell and the Federal Reserve have come under sharp criticism over the past few weeks as both Silicon Valley and Signature banks collapsed within days due to rate hikes aimed at keeping inflation in check.

Warren said that as the Fed prepares to meet later this week, it may not agree to continue raising rates again and approve another rate hike.

“I don’t think the Fed should raise rates,” Warren said of Powell on NBC’s “Meet the Press.” “I have long thought that the extraordinary rate hikes that he did to extreme rate hikes are things he shouldn’t be doing.”

Warren objected to former President Trump’s 2018 nomination of Mr. Powell as Fed chairman, warning that he would undermine banking regulation if he was nominated. Powell, who was re-elected by President Biden this year, has faced a number of Senate hearings where Warren has expressed concerns about his handling of interest rates and other monetary policies.

Mr. Warren said on CBS’s “Face the Nation” that Mr. Powell had applied a “flamethrower” to banking regulation.

Warren also called for an independent investigation by the Federal Reserve and federal financial regulators into ABC’s “This Week.”

“I want an independent investigation of the Fed and the entire regulatory system here. The Federal Reserve is not just doing its own investigation,” she said.

“I am now calling on the Fed to reverse and curb weakened regulation, look at what, and scrutinize these banks more.” We are calling on Congress to curtail the Council’s ability to undermine regulation, and to put these CEOs accountable and put in place laws to get their bonuses back.” of.

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