Fed Chair Powell grilled by grouchy senators over inflation and climate change, even as economy rebounds
16 Jul 2021 | Economic News
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Fed Chair Powell grilled by grouchy senators over inflation and climate change, even as economy rebounds
Federal Reserve Chair Jerome Powell on Thursday maintained the central bank will continue to evaluate the economic recovery before changing its accommodating monetary policies. The Fed chair spoke before the Senate banking panel in a second day of testimony before Congress.
An economic rebound, rising wages and declining unemployment claims weren’t enough to spare Federal Reserve Chairman Jerome Powell on Thursday from gripes in the Senate.
During testimony before the Senate Banking Committee, Democrats grilled Powell over the central bank’s support for climate change initiatives and its rollback of financial protections, while Republicans questioned Powell on his commitment to controlling inflation.
“Big banks rake in cash – and they spend it on executive compensation and dividends and buybacks, instead of lending in communities or increasing capital to reduce risk,” said committee chairman Sen. Sherrod Brown, D-Ohio. “The Fed should be fighting this trend, protecting our progress from Wall Street greed and recklessness – not making it worse.”
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