Jerome Powell has ‘failed’ as Federal Reserve chair

Senator Elizabeth Warren has publicly criticised Federal Reserve Chair Jerome Powell, saying that he “has failed” in his role and shouldn’t continue in it. Speaking on NBC News’ “Meet the Press,” Warren said that Powell had not effectively managed either monetary policy or regulation. Warren serves on the Senate Banking Committee, and has previously argued for stricter banking regulations. Powell was appointed by President Donald Trump in 2017, and has faced criticism over his management of banking regulations in the wake of the collapse of Silicon Valley Bank.

Warren’s comments on Powell came during a discussion of the next coronavirus relief bill, which is currently being negotiated in Congress. Warren has been pushing for stronger regulation of banks and other financial institutions throughout the coronavirus pandemic, and has been vocal in her opposition to Powell’s approach to managing the Federal Reserve. However, her comments on Sunday were particularly sharp, and represent a significant escalation in her criticism of the Fed Chair.

As a member of the Senate Banking Committee, Warren has a direct role in overseeing the Federal Reserve’s activities. She has previously been an outspoken critic of the banking industry, and has called for stricter oversight and regulation of banks following several high-profile banking scandals. Warren’s comments on Sunday suggest that she is unlikely to back down from her position on Powell, and that she will continue to push for stronger banking regulations.

It remains to be seen what impact Warren’s comments will have on Powell’s future at the Federal Reserve. Although the Chair serves at the pleasure of the President, Powell’s tenure has been notable for its independence from the White House. However, with President-elect Joe Biden set to take office in January, it is possible that he could choose to replace Powell with a new chair who is more aligned with his administration’s policy goals.



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