Democratic senator says Fed Chair Jerome Powell needs to go

March 23, 2023

Fox Business reported that Federal Reserve Chairman Jerome Powell announced another interest hike on Wednesday despite growing concerns over bank failures.

That didn't go over well with Massachusetts Democratic Sen. Elizabeth Warren, who recently said that she wants Powell gone. 

Warren says Powell wants to "drive" country into a recession

According to Breitbart, Warren told CNN host Jake Tapper that Powell needs to go during an interview on Wednesday.

When the host asked if Warren believes "the United States is headed for a recession," she responded by accusing Powell of "trying to drive" the country into one.

While Tapper also asked if Warren had spoken with President Joe Biden about who she would like to see Powell replaced with, the senator refused to discuss "private conversations."

Senator calls Fed chair "dangerous"

"What I will say is I made it very clear as publicly as humanly possible that I didn’t think that he should be reconfirmed as chair of the Fed," Warren complained.

"And I think he’s doing a really terrible job," she continued before alleging that the Fed chairman is trying to "get two million people laid off."

"And one of the things that we need to understand, he wants to raise the unemployment rate by more than a point within a single 12-month period," Warren asserted.

"We have done that before in this country. In fact, we have done it 12 times before. And out of all 12 times. How many times has it resulted in a recession? The answer is 12," she claimed.

The senator added, "That is the direction he is trying to push this. That is a danger to our economy. It’s why I said five years ago I think he is a dangerous man to have in this job."

Warren partners with Republican on Fed bill

In a move that may come as a surprise to some, Fox News reported this week that Warren is partnering with Florida Republican Sen. Rick Scott on a bill to tighten the supervision of banks.

According to Fox News, their legislation would replace the Fed's inspector general with an independent inspector general tasked with overseeing the Federal Reserve and the Consumer Financial Protection Bureau.

Scott, who has also been critical of Powell, was quoted as saying in a press release that the Fed should have an inspector general who is confirmed by the Senate "like every other major government agency."


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