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Elizabeth Warren: Chair of the Federal Reserve has failed at both jobs

The Massachusetts senator, who has been outspoken in calling for stronger regulations for the banking sector, also criticized Powell for reversing restrictions that occurred under his watch, including rolling back actions in the Dodd-Frank Act, legislation enacted in 2010 in response. . to the financial crisis of 2008.

Warren said on ABC’s “This Week” that Powell “stepped up and took the flamethrower to the regulations.”

It was such moves, she said, that prompted Warren to oppose Powell’s nomination to the Federal Reserve.

“Jerome Powell said all he wanted was deregulation for the banks. I opposed him as Fed chairman for precisely that reason. I said he’s a dangerous man in this position.”

Warren, who has long opposed government intervention that helps big companies at the expense of small businesses and the nation’s workforce, also criticized Powell for sacrificing US employment in order to combat inflation.

“What Chairman Powell is trying to do — and he’s said fairly explicitly is that they’re trying, in fact, to slow the economy so that (that’s, at the Fed’s own discretion) — two million people will lose their jobs. And I think that’s not what a chairman should be doing. Federal Reserve”.

When asked if President Joe Biden should replace Powell, Warren told NBC’s Chuck Todd, “I don’t think he should be chairman of the Federal Reserve.”

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