US Democratic Senator Warren (Elizabeth Warren).

(Bloomberg)

[Financial Channel/Comprehensive Report] U.S. Democratic Senator Elizabeth Warren (Elizabeth Warren) on Sunday (19th) criticized the Federal Reserve (Fed) Chairman Jerome Powell (Jerome Powell) for "dereliction of duty" and called for, amid market turmoil, Strengthen the supervision of the banking industry.

In an interview with NBC's "Meet the Press," Warren pointed out that Powell has two main responsibilities, one dealing with monetary policy and the other dealing with regulatory issues. And he failed on both counts.

He also said that Powell is not suitable for the post of Fed chairman.

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Powell, who was nominated by then-President Trump in 2017, has faced criticism for his handling of banking regulation following the collapse of Silicon Valley Bank (SVB).

Warren said that the Trump administration gave Congress the power to further relax regulations, while Powell set fire to regulation.

The CEOs of the banks did exactly what they were supposed to do, increasing short-term profits brought risk, they paid themselves huge sums, and they ruined their banks.

In a letter over the weekend, Warren called on the Treasury Department, the Federal Deposit Insurance Corp and the Federal Reserve to conduct an immediate and thorough independent investigation to identify the banks responsible for the collapse of Silicon Valley Bank, Signature Bank Management and regulatory issues.

Democrats led by Warren and Rep. Katie Porter announced proposals last week to restore banking regulations that were dismantled under the Trump administration, a move lawmakers say would address what led to the failure of the Silicon Valley bank.

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