Warren: New Fed Chief Subservient to Wall Street

Jan 24, 2018

Sen. Elizabeth Warren (D-MA) took an exceptionally harsh criticism of Jerome Powell, the incoming Chairman of the Federal Reserve, by questioning his independence from financial services lobbyists and questioning whether he would respond to potential outside interference from the banking industry.

Warren voted against Powell’s confirmation on both the Senate Banking Committee—hers was the lone dissenting vote—and in yesterday’s full Senate vote. She used her Facebook page to attack Powell, who was first nominated to the Fed’s Board of Governors in 2012 by President Barack Obama.

“Big banks made record profits and got giant tax giveaways last year,” she said. “But even as they’re rolling in money, their armies of lobbyists and executives have come back, storming Capitol Hill and the halls of the Fed, spinning this story that financial rules are throttling them and need to be cut back. They have an ally in Jerome Powell, who was just confirmed as the new Chair of the Federal Reserve. I voted against him because I believe we need a Fed Chair who will stand up to Wall Street, not roll over and play dead.”

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Phil Hall

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Jan 24, 2018

Courts

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