Sen. Elizabeth Warren blasted Fed Chair Jerome Powell on Sunday over the Silicon Valley Bank collapse, claiming he 'took a flamethrower' to banking regulations.
Sen. Elizabeth Warren says Jerome Powell 'took a flamethrower' to banking regulations after SVB collapse
Sen. Elizabeth Warren, D-Mass., criticized Federal Reserve Chairman Jerome Powell on Sunday and argued he"took a flamethrower" to banking regulations following the"Jerome Powell just took a flamethrower to the regulations, weakened them, weakened them, weakened dozens of the regulations and then the CEOs of the banks did exact he what we expected.
"Well, in the moment, we’ve got the federal government obviously taking extraordinary action and they’ve done it to back up depositors and I think it's fair to say that depositors should be able to take a pretty deep breath. The federal government has indicated there is going to be a lot of protection for you, but we have to worry about how much risk is in these multibillion-dollar banks, because it's perfectly clear that these regulators were asleep at the switch.
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