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Monday, January 30, 2023

Dodd-Frank Architects call for the reappointment of Fed Powell

Washington – The Democratic designer of the major reforms of American financial regulation ten years ago called on President Joe Biden to reappoint Fed Chairman Jerome Powell for re-election, refuting his argument that he is weak on regulatory issues.

Former Senator Christopher Dodd and former Representative Barney Frank wrote in a review article in The Hill newspaper that under Powell’s leadership, they signed The changes to the Dodd-Frank Act “are not a major attack, and Powell’s performance does not contradict his assertion that he supports the basic principles. The framework we have developed.”

The 2010 law is the core legislative reform to get rid of the 2007-2009 financial crisis. It includes transaction restrictions on banks, stricter risk management, and efforts to ensure that taxpayers do not have to bail out large financial institutions again.

During Powell’s tenure, some of these rules were relaxed, leading some of Biden’s supporters to encourage changes in the Fed’s leadership.

Powell’s term will expire in February. The Biden administration has not yet announced a timetable for deciding whether to reappoint or replace him.

Dodd and Frank pointed out that if Biden wants to adopt a different approach to supervision, he can appoint a new Federal Reserve Supervision and Supervision Vice Chairman to replace the current Vice Chairman Randall Quarles appointed by Donald Trump.

They believe that, more importantly, Powell’s monetary policy approach-downplaying inflation risks and supporting stronger employment growth-will help Biden achieve his broader economic goals. As a Republican, Powell’s voice on this issue will be particularly important.

They wrote: “For moderate Democrats, Powell offers… more resistant to conservative accusations of fiscal irresponsibility than the same actions taken by newly appointed liberals, and to make those who are genuinely worried about rising prices. Rest assured.”

Howard Schneider


This News Originally From – The Epoch Times

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