Senator Elizabeth Warren (D-MA) said Sunday on NBC’s “Meet the Press” that Federal Reserve Chair Jerome Powell “took a flamethrower to the regulations” on banks.
Warren said, “CEOs of these multibillion-dollar banks came to Washington back in 2016 and said lighten the regulations on us. Donald Trump ran for president, saying I will lighten the regulations on these big banks. He gets put in, and he puts in bank regulators who lighten the regulations. He then goes to Congress and says to Congress gives them the authority to lighten regulations even more. Congress, with help from both parties, obliged him, and then Jerome Powell just took a flamethrower to the regulations, weakened them, weakened them, weakened dozens of the regulations and then the CEOs of the bank did exactly he what we expected. They loaded up on risk that boosted short-term profits, and they gave themselves huge bonuses and salaries and exploited their banks.”
Warren said, “I do not think he should raise rates, but look, I want full disclosure here. I’ve been in the camp for a long time that these extraordinary rate increases that he has taken on. These extreme rate increases are something that he should not be doing.”
Anchor Chuck Todd said, “It’s clear you don’t have confidence, Jay Powell. Do you think the president should fire him?”
Warren said, “My views on Jay Powell are well known at this point. He has had two jobs. And one is to deal with monetary policy. One is to deal with regulation. He has failed at both.”
She added, “I don’t think he should be chairman of the Federal Reserve. I have said it as publicly as I know how to say it. I’ve said it to everyone.”
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