Elizabeth Warren

So in 2010, Congress passed Dodd-Frank to make banking regulations tougher and to avoid future bank collapses.

In fact, you now hold the record, in a single year the FDIC has been forced to rescue more giant failed banks on your watch than any Fed chair in American history.

There is no reason we cannot continue coming together to bring prices down.

Last month, wage growth outpaced inflation. That's the way it should be.

Our banking system is broken. Twenty-three billion dollars in bailout money and there is no accountability for those at the top.

Do you take responsibility for your role in these bank failures?

Honestly, Senator, I think they are tough enough.

It is those workers who stand to lose the most if the Fed overdoes its rate hikes, loses sight of the dual mandate, and drives the unemployment rate back up.

For the largest multinational corporations, inflation has been a perfect excuse to increase profits by raising prices far beyond the costs of their inputs.

I do not believe that to have a strong economy was we must trade American jobs for corporate profits.

This is exactly why I opposed your nomination in 2017.

For the many of us who are concerned that further rate hikes could do more harm than good, this is welcome news.

I opposed your confirmation because I believed that your continued leadership would be dangerous to our financial system.

When President Trump first nominated you as Federal Chair in 2017, you testified, actually in this very room, I think, that you intended to, quote, 'consider appropriate ways to ease regulatory burdens for the banks.'

So you take no responsibility on this.

I am particularly concerned because regulators allowed America's biggest bank, JPMorgan Chase, to swallow up First Republic.

That is all I am looking for here, is that consolidation is a problem.

The single biggest threat to our banking system is concentration.

Encouraging giant, too-big-to-fail banks to buy up small banks so there are fewer banks to monitor would be a dangerous mistake.

President Biden knows that this is a serious problem. That is why he issued an executive order directing banking agencies to revamp bank merger review process and to use it to, and I will quote him here, 'guard against excessive market…

The only reason that corporations and their enablers have singled out the CFPB is because the agency doesn't do their bidding.

Make no mistake, these overdraft reforms and the $5.5 billion in savings would not have happened without the CFPB.

The CFPB is helping root out junk fees, and because of that Americans are going to keep a little bit more money in their pockets.

I have joined my colleagues in signing the amicus brief supporting the CFPB against attacks that undermine the Bureau's ability to fight on behalf of families.

Make no mistake. These overdraft reforms and the $5.5 billion in savings would never have happened without the Consumer Financial Protection Bureau.