10/11/2023 0 Comments Barney frank for presidentIf Biden wins, Frank does not anticipate a push to impose a significant amount of financial regulation. "There is something to be said for supporting confidence by sticking with him." Dodd-Frank, 10 years later "Powell has been good, both on monetary policy and the regulatory side," Frank said. The Fed's unprecedented rescue unfroze capital markets and set off an epic boom in the stock market. The US central bank slashed interest rates to zero, vowed to buy an unlimited amount of government bonds and even set up a facility to buy junk bonds and other corporate debt. At one point the president even questioned whether Powell is a bigger "enemy" than Chinese President Xi Jinping.īut Powell has quarterbacked a ferocious response from the Fed to the pandemic that has been applauded by Trump and many others. Trump repeatedly bashed Powell for keeping interest rates too high. "Powell has been the best Trump appointee - despite the fact Trump yells at him all the time," Frank said. Four more years for Powell?įrank suggested that Biden, if he wins in November, should consider keeping one of President Donald Trump's most prominent appointments: Jerome Powell, the chairman of the Federal Reserve. "This prospect would generate huge anxiety in the financial markets, which she regularly blasts as greedy and corrupt," Greg Valliere, chief US policy strategist at AGF Investments, wrote in a note to clients last month. "If she's not vice president, I'd rather see her retain the power of legislation in the Senate," said Frank, who added that he's "very confident" Biden will defeat Trump.Īnalysts have said that Warren would be a nightmare for Wall Street because her nomination would raise the threat of aggressive regulation. The hearing was held to oversee the Troubled Asset Relief Program (TARP). Barney Frank (D-MA), chairman of the House Financial Services Committee (L), talks with Elizabeth Warren, Chair of the TARP Congressional Oversight Panel, during a hearing on Capitol Hill on Jin Washington, DC. For instance, Warren is a vocal advocate for breaking up big banks and instituting a wealth tax - positions that go further than what Biden favors. Frank currently sits on the board of directors at Signature Bank, a $6 billion New York-based commercial bank.įrank, who in 2011 pushed President Obama to nominate Warren to run the newly created Consumer Financial Protection Bureau, pointed out that Biden and Warren differ on some key economic and financial policies.
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