Home / Business / The Banking Committee approves Powell as president of the Fed, with only Warren opposed

The Banking Committee approves Powell as president of the Fed, with only Warren opposed




  Senator Elizabeth Warren, D-Mass., Appears in the photo. | AP

Only the Sen. Elizabeth Warren (D-Mass.) Voted no. | Carolyn Kaster / AP

Updated


The Senate Banking Committee voted 22-1 on Tuesday to approve the nomination of Jerome Powell as chairman of the Federal Reserve Board.

Only the Sen. Elizabeth Warren (D-Mass.) Voted no, noting Powell's penchant for facilitating financial rules rather than strengthening them.

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Your nomination will now go to the full Senate.

Powell, originally nominated to the Fed board by former President Barack Obama in 2011, is expected to be easily confirmed, as evidenced by the bipartisan vote on the committee. He would replace Janet Yellen, whose term as President of the Fed ends on February 3.

"Although I am disappointed that President Yellen has not been reappointed, I believe that Governor Powell's nomination provides our economy with the best chance of continued economic growth," said Sen. Sherrod Brown of Ohio, the chief US Democrat. committee.

Warren, however, criticized Powell's comment during his confirmation hearing that sufficient banking regulations had been written in the last eight years since the financial crisis. He says that now is the time to review those regulations to see if any of them goes beyond what is useful.

"Our financial rules must be stronger, not weaker," Warren said Tuesday.

He also criticized Powell's analysis that the most systemically important banks would probably not require a taxpayer-funded bailout if they failed

. At his Senate confirmation hearing on November 28, the candidate argued that the rules imposed Banks since the 2008 crisis have helped ensure that none of these institutions-including the largest global lenders-were "too big to fail". . "

" We've made a lot of progress on that, "Powell said.

Warren was not the only senator to express his concerns on Tuesday, Senator John Kennedy (R-La.) said his vote should not Take it as an "automatic yes" in the Senate During the Powell confirmation hearing, Kennedy expressed concern that the candidate had not done enough to soften the rules on community banks during his time on the Fed board.

Brown also said he expected Powell to work to establish the interest rate policy "influence. "

" He has promised to do that. "


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