Saturday, March 25, 2023
DAPPS CLUB
  • Home
  • Cryptocurrency
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Litecoin
  • Metaverse
  • NFt
  • Regulations
No Result
View All Result
DAPPS CLUB
No Result
View All Result
Home Regulations

Elizabeth Warren Says Fed Chair Powell Took ‘Flamethrower’ to Bank Regulations

Lincoln Cavenagh by Lincoln Cavenagh
March 19, 2023
in Regulations
0
Elizabeth Warren Says Fed Chair Powell Took ‘Flamethrower’ to Bank Regulations
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Democratic Senator Elizabeth Warren blamed Federal Reserve Chair Jerome Powell on Sunday for allegedly taking a “flamethrower” to regulations in the financial and banking system during the Trump administration.

“Donald Trump ran for president saying he would lighten the regulations on these banks,” Warren said during an interview on CBS’s Face The Nation. “And then Jerome Powell just literally took a flamethrower to these regulations, in order to make them less and less effective.”

Warren is a member of the committees on banking and finance in the Senate.

“Jerome Powell has said that all he wants to do is lighten regulations on the banks,” Warren said. “I opposed him as chairman of the Federal Reserve Bank precisely for that reason.”

Warren’s comments come after the collapse of Silicon Valley Bank, which has sent the financial industry into a frenzy. High net-worth depositors, composed of many start-ups in the tech and crypto business, made a panicked bank run on SVB after the news leaked that it was rushing to raise equity capital, sending the bank into a tailspin.

The Federal Reserve has come under fire for its role in the blow-up, namely in disrupting banking stability by raising interest rates in response to towering inflation.

Defenders of the Fed have argued the central bank is only responsible for a dual mandate of price stability and low unemployment rather than financial regulating, for which there is an entire apparatus dedicated in the government, from the Comptroller of the Currency to the FDIC to the Treasury.

Critics of the Fed, however, have said the institution should have been more attuned to interest rate risk, of which there have many historical episodes of disaster. Some also criticize the Fed for enabling SVB’s failure by maintaining a zero-interest-rate environment for so many years.

Warren and other Democrats have urged that the Fed and big financial actors be held liable for the fallout of SVB.

“We need accountability for our regulators who clearly fell down on the job, and that starts with Jerome Powell,” Warren said. “And we need accountability for the executives of these large financial institutions.”

More from National Review



Source link

Related posts

The impending future of crypto

The impending future of crypto

March 25, 2023
U.S. SEC Continues Broadside Against Digital Asset Market, Issues Investor Alert About ‘Crypto Asset Securities’

U.S. SEC Continues Broadside Against Digital Asset Market, Issues Investor Alert About ‘Crypto Asset Securities’

March 25, 2023
Tags: BankChairElizabethFedFlamethrowerPowellregulationsWarren
Previous Post

Ethereum Price Bullish Momentum Fades: 8% Pullback Likely

Next Post

OpenSim grids register 4k new users, add land area, but usage falls – Hypergrid Business

Next Post
AI for the little guy – Hypergrid Business

OpenSim grids register 4k new users, add land area, but usage falls – Hypergrid Business

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

US House Republicans Blast Biden Administration’s Attack on the Crypto Ecosystem

US House Republicans Blast Biden Administration’s Attack on the Crypto Ecosystem

2 weeks ago
Sushi sets up legal defense fund after SEC subpoenas head chef Jared Grey and DAO itself

Sushi sets up legal defense fund after SEC subpoenas head chef Jared Grey and DAO itself

4 days ago
Successful Ethereum Shapella Testnet Beckons Long-Awaited Shanghai Mainnet Upgrade

Successful Ethereum Shapella Testnet Beckons Long-Awaited Shanghai Mainnet Upgrade

1 week ago
New Survey Shows AI’s Growing Adoption is Freaking People Out

New Survey Shows AI’s Growing Adoption is Freaking People Out

6 days ago

FOLLOW US

BROWSE BY CATEGORIES

  • Altcoin
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Business
  • Cryptocurrencies
  • Cryptocurrency
  • Culture
  • Education
  • Ethereum
  • Featured
  • Litecoin
  • Metaverse
  • News
  • NFt
  • Regulations

BROWSE BY TOPICS

Ahead Bank Bitcoin Blockchain Blog BTC Business Chain Circle coin Coinbase Crisis Crypto Cryptocurrency Digital DOGEcoin ETH Ethereum Fed Financial Foundation future global headset Heres hit Hypergrid IBM Investors Litecoin LTC Market metaverse Network NFT NFTs Potential Price SEC Shanghai Singapore Supply Tech TMS Top

POPULAR NEWS

  • Chatbot Rejects Erotic Roleplay, Users Directed to Suicide Hotline Instead

    Chatbot Rejects Erotic Roleplay, Users Directed to Suicide Hotline Instead

    0 shares
    Share 0 Tweet 0
  • YOM brings Metaverse Mining to the Masses with MEXC Listing

    0 shares
    Share 0 Tweet 0
  • ChatGPT is Being Used to Make ‘Quality Scams’

    0 shares
    Share 0 Tweet 0
  • Rise of AI-Powered Cheating: Challenges and Solutions for Educators

    0 shares
    Share 0 Tweet 0
  • TikTok Manipulates Own Algorithm to Promote Certain Landmarks

    0 shares
    Share 0 Tweet 0

Recent News

Congressman Says TikTok Ban Won’t Ensure Americans’ Data Safety

Congressman Says TikTok Ban Won’t Ensure Americans’ Data Safety

March 25, 2023
Script Writing and 5 Other Ways You Can Make Money Using GPT-4

Script Writing and 5 Other Ways You Can Make Money Using GPT-4

March 25, 2023

Categories

  • Altcoin
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Business
  • Cryptocurrencies
  • Cryptocurrency
  • Culture
  • Education
  • Ethereum
  • Featured
  • Litecoin
  • Metaverse
  • News
  • NFt
  • Regulations

Follow Us

Follow us on social media:

Recommended

  • Congressman Says TikTok Ban Won’t Ensure Americans’ Data Safety
  • Script Writing and 5 Other Ways You Can Make Money Using GPT-4
  • Chatbot Rejects Erotic Roleplay, Users Directed to Suicide Hotline Instead
  • Publishers Pursue Compensation From Tech Giants Over AI Tools
  • Which Decentralized Exchange Will Reign Supreme? TMS Network (TMSN) Now Available at $0.038! – Cryptopolitan

© 2023 Dapps Club | All Rights Reserved

No Result
View All Result
  • Home
  • Cryptocurrency
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Litecoin
  • Metaverse
  • NFt
  • Regulations

© 2023 Dapps Club | All Rights Reserved