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Video: Elizabeth Warren Calls Fed Chair a ‘Dangerous Man’

new video loaded: Elizabeth Warren Calls Fed Chair a ‘Dangerous Man’

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transcript

Elizabeth Warren Calls Fed Chair a ‘Dangerous Man’

Senator Elizabeth Warren blasted Jerome H. Powell, the Federal Reserve chairman, over his track record on financial regulation, saying she would not support him if he was renominated. Powell’s term ends in early 2022.

You know, Chair Powell, the elephant in the room is, whether you’re going to be renominated for a second term as Fed chair. Renominating you means gambling that for the next five years, a Republican majority at the Federal Reserve with a Republican chair who has regularly voted to deregulate Wall Street won’t drive this economy over a financial cliff again. And with so many qualified candidates for this job, I just don’t think that’s a risk worth taking. I know that some argue that your deregulatory actions are mostly harmless. I disagree. I think they’ve put taxpayers at risk for hundreds of billions of dollars. But even at that, so far, you’ve been lucky. But the 2008 crash shows what happens when the luck runs out. The seeds of the 2008 crash were planted years in advance by major regulators like the Federal Reserve that refused to rein in big banks. I came to Washington after the 2008 crash to make sure that nothing like that would ever happen again. Your record gives me grave concern. Over and over, you have acted to make our banking system less safe, and that makes you a dangerous man to head up the Fed. And it’s why I will oppose your renomination. Thank you, Mr. Chair.

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