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    Elizabeth Warren told the Federal Reserve Chairman that he was “dangerous” and opposed to denominations | Federal Reserve

    Senator Elizabeth Warren On Tuesday, Federal Reserve Chairman Jerome Powell called him a “dangerous man” and vowed to oppose his nomination.

    In a statement at a hearing at the Senate Banking Commission, Warren said under Powell that the Fed had relaxed post-financial crisis banking regulations and weakened the US banking system.

    “Your record raises serious concerns for me,” said a Massachusetts Democrat. “You have acted many times to make our banking system less secure, and that makes you a dangerous man to lead the Fed, and that’s why I disagree with your recommendations. “

    Powell did not respond.

    Warren said deregulation could cause financial market collapse similar to what the United States experienced during the 2008-2009 crisis.

    She said Powell was “lucky” to have been able to avoid major problems for banks so far.

    “So far, you’ve been lucky,” she said. “But the 2008 crash shows what happens when you’re out of luck.

    “The seeds of the 2008 crisis were planted many years ago by major regulators such as: Federal Reserve It refused to hold back big banks. I came to Washington after the 2008 crisis and confirmed that such a thing would never happen again. “

    Powell has been chairing the Federal Reserve Board since 2018, and Wall Street was on Wall Street when Joe Biden expired in February, despite opposition from Warren and other liberal senators. I have high hopes for nominating him.

    Warren’s comment came when Powell and Treasury Secretary Janet Yellen warned that the United States would face an imminent crisis if Congress did not agree to raise the government’s borrowing limits.

    Some Republicans have said they do not support raising the debt cap, and on Monday blocked a bill to raise the borrowing limit to fund the government.

    Yellen told the Senate that if the standoffs continued, the US Treasury would not be able to pay all the government’s bills by October 18.

    “At that point,” she said. [the] The Treasury has very limited resources and is quickly exhausted. It is uncertain whether we will be able to continue to fulfill all the promises of the country after that date. “

    Elizabeth Warren told the Federal Reserve Chairman that he was “dangerous” and opposed to denominations | Federal Reserve

    Source link Elizabeth Warren told the Federal Reserve Chairman that he was “dangerous” and opposed to denominations | Federal Reserve

    The post Elizabeth Warren told the Federal Reserve Chairman that he was “dangerous” and opposed to denominations | Federal Reserve appeared first on Eminetra.

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