Elizabeth Warren: The Fed Chairman has failed in both jobs
The Massachusetts senator, who has called for tighter regulation of the banking industry, also criticized Powell for the deregulation that occurred under his watch, including the reversal of Dodd-Frank Act measures, legislation that was enacted in 2010 in response. to the financial crisis of 2008.
Powell “stepped in and brought a flamethrower to the settlement,” Warren said on ABC’s “This Week.”
It was moves like this that led Warren to oppose Powell’s appointment to the Fed, she said.
“Jerome Powell said all he wanted was to ease regulation on the banks. I opposed him as chairman of the Federal Reserve Bank precisely for that reason. I said it was a dangerous man to have in that position,” she said.
Warren, who has long opposed government intervention that helps big business at the expense of small businesses and the national workforce, also criticized Powell for sacrificing jobs in the United States in order to fight against inflation.
“What President Powell is trying to do – and he said this quite explicitly – is that they are, in effect, trying to slow down the economy so that (that is, by his own estimation of the Fed) – 2 million people lose their jobs. And I believe that’s not what the chairman of the Federal Reserve should be doing,” Warren said.
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.”