Political Quotes

“I am concerned that as Chair of the Fed, Governor Powell will roll back critical rules that help guard against another financial crisis, and that is simply a risk we cannot afford. While big banks have bounced back from the 2008 financial crisis and are posting record profits, many American families are still trying to rebuild their lives 10 years later. Yet Governor Powell seems to think that the No. 1 problem with our current financial system is that we are too hard on the banks. In his confirmation hearing, he said that he would ``continue to consider appropriate ways to ease regulatory burdens.'' When I asked him if there were a single financial rule he thought should be stronger--just a single provision in one of the Fed's dozens of rules where there might be an unintended loophole or where an innovative product has introduced a new risk into the system--he couldn't name a single one. Not one. In my questions for the record, I also asked Governor Powell about a report that the Treasury Department put out last June. This report was really just a cut-and-paste job of the banking lobbyists' wish lists for rule rollbacks. Governor Powell could not identify any recommendations in that report that he disagreed with. Again, not a single one. That is not all.…”