LIVE BLOG: Fed Chair Jerome Powell Appears Before the Senate Banking Committee
Federal Reserve Chair Jerome Powell has run the U.S. central bank for the last four years, but his most significant work may have come in the past two years during the COVID-19 pandemic. President Joe Biden recently nominated Powell to a second term helming the Fed. The Senate Banking Committee will question the bank regulator on Tuesday. They will likely focus on current economic issues like inflation and unemployment, but questions about stablecoin regulation, central bank digital currencies and others may come up.
10:10 a.m. (ND) Sen. Sherrod Brown (D-Ohio), the Banking Committee’s chair, praised Powell in his opening remarks, discussing his work, as well as the role of the economy in supporting Americans. And there actually was a pretty significant crypto mention right up top: A warning that cryptos and stablecoins might be a risk to the U.S. economy.
“The Fed needs to take seriously the systemic risks that threaten our economic progress, like cryptocurrencies and stablecoins and most importantly, climate change,” Brown said, later adding that crypto bubbles are like risky Wall Street schemes.
10:00 a.m. (ND) This hearing is about to kick off. In his introductory remarks, released Monday, Powell discussed the Fed’s COVID response and financial stability, among other issues.Source