Banking Committee approves Powell as Fed chair, with only Warren opposed

[DonViejo]

Source: Politico




By VICTORIA GUIDA 12/05/2017 10:39 AM EST

The Senate Banking Committee voted 22-1 on Tuesday to approve the nomination of Jerome Powell as chairman of the Federal Reserve board.

Only Sen. Elizabeth Warren (D-Mass.) voted no, pointing to Powell’s inclination to ease financial rules rather than making them stronger. She also criticized his analysis that the largest systemically important banks would probably not require a taxpayer-funded bailout if they failed.

Sen. John Kennedy (R-La.) said his vote shouldn’t be taken as an “automatic yes” on the Senate floor. During Powell’s confirmation hearing, Kennedy raised worries that the nominee hadn’t done enough to ease rules on community banks during his time on the Fed board.

Powell's nomination will now move to the full Senate.

###

Read more: https://www.politico.com/story/2017/12/05/jerome-powell-federal-reserve-banking-committee-280951

[Calista241]

1. He's not the worst person Trump could have chosen.

Do we view "not the worst possible candidate" as a win?

[Hortensis]

4. Well, how about a limited, tolerable loss?

We wanted Yellen reappointed, of course. Powell often voted with Yellen and was offered as a compromise to senate Democrats to keep us from holding up the confirmation--but that's all we could have done.

After all, we're the minority party thanks to a combination of massive lies about us and illegal sabotage of our election from an unofficial coalition ranged against us of America's conservatives, our anti-Democrat left, extremist billionaires, and Russia, assisted by an electoral system also stacked against the will of the people.

[turbinetree]

2. I think I will send more money to Warren to run for the office of the presidency

https://donate.elizabethwarren.com/page/contribute?source=noslug

[Hortensis]

5. You're easy. :) I like Warren, but this vote is a little

statement that was worth about what it cost her--nothing. She'll enter it on her resume, of course, but she can name without thinking several people Trump could have rubber-stamped who'd have been far worse.

And we could have gotten one of them. The GOP really didn't want a fight over this appointment, wanted to do it quickly, so they offered a compromise candidate. Who would they have chosen if we'd promised to fight them noisily before inevitably losing anyway? Wouldn't have been moderate Powell. Warren could lecture on that at Harvard.

[rurallib]

3. Warren the voice of sanity.