DeFi Daily News
Sunday, June 29, 2025
Advertisement
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos
No Result
View All Result
DeFi Daily News
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos
No Result
View All Result
DeFi Daily News
No Result
View All Result
Home Videos

Fed Chair Powell testifies before the Senate Banking Committee

DeFi Daily News by DeFi Daily News
February 11, 2025
in Videos
0 0
0
Fed Chair Powell testifies before the Senate Banking Committee
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Telegram
Listen to this article



Federal Reserve Chair Jerome Powell offered some new assurances Tuesday about payments routed to the central bank from the Treasury Department, his first comments about the fallout resulting from Elon Musk’s access to a sensitive Treasury payments system.

When asked by Republican Sen. Mike Rounds if that Treasury system was safe, Powell said: “I believe it is.”

“I will tell you we are very strongly committed to the integrity, efficacy, resilience, and all of those things of this system,” Powell added during his appearance before the Senate Banking Committee. “People do depend on this in a big way.”

When later asked by Democratic Sen. Raphael Senator Warnock whether Musk had attempted to access the Fed, Powell said: “I don’t believe so.”

Many Democratic lawmakers on Tuesday appeared more interested in getting Powell’s take on the work of Musk at the Treasury Department and the Consumer Financial Protection Bureau than in the direction of monetary policy.

Both of those situations, after all, do have some connection back to the Fed.

The Fed acts as the fiscal agent of the Treasury and processes its payments. The Fed also acts as funder for the CFPB, which oversees consumer finance behavior at large banks, mortgage lenders, student loan servicers, and online payment apps.

Last weekend a federal judge temporarily blocked Musk’s team at the Department of Government Efficiency from accessing the sensitive Treasury system, citing the risk of “irreparable harm.” The Trump administration also ordered a halt to effectively all work at the CFPB.

Musk seemed to signal the CFPB move was imminent on Friday afternoon, tweeting, “CFPB RIP” just hours after members of his team set up shop at the agency.

Powell on Tuesday made it clear that in the case of the Treasury and the CFPB, the Fed doesn’t make decisions on how and why money is spent.

But when pressed by Massachusetts Sen. Elizabeth Warren, the highest ranking Democrat in the committee, he did acknowledge that if the CFPB is not doing its regulatory work there is “no other regulator” paying attention to consumer finance issues at big banks.

The legislation that created the CFPB gave it sole authority over those issues among US regulators. Warren was a driver behind the creation of the agency in the wake of the 2008-2009 financial crisis.

Republican lawmakers on Tuesday were more interested in asking Powell about bank capital standards and the actions of big lenders to “debank” certain customers.

The Fed chair said “it’s time to take a fresh look” at the debanking issue.

Powell also said that the Fed is awaiting new leadership at the Office of the Comptroller of the Currency and the FDIC to work with them on a revamp of a bank capital proposal known as Basel III.

Powell said he believes the regulators can move “reasonably quickly” on a proposal — one that would be competitive with European banks. He underscored that he thinks the level of capital at the largest banks is “about right” and expects that any change in capital would be “neutral.”

Powell demurred on questions about the effect of any Trump tariff policies on the economy and interest rates, though he acknowledged higher inflation was a “possible outcome” depending on what the policies actually look like.
For more on this article, please visit:
https://finance.yahoo.com/news/fed-chair-powell-i-believe-treasury-payment-system-is-safe-173058871.html

Where he was more firm was the question of what he would do if Donald Trump tried to remove a member of the Fed board.

“It’s pretty clearly not allowed under the law,” Powell said, repeating a statement he has made before.

About Yahoo Finance:

Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.

– Get the latest news and data at finance.yahoo.com

– Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)

– Follow Yahoo Finance on social:

X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance

source

Tags: BankingBondsbusinessChairCommitteeCurrenciesEquitiesfedFXInvestingInvestmentMarketMarketsMoneyNewsNYSEPersonal FinancePoliticsPowellSavingsSenateStock marketstockstestifiesYahoo FinanceYahoo FInance Premium
ShareTweetShare
Previous Post

Fed not in a hurry to adjust rates: Powell testimony

Next Post

rewrite this title DOGE Boss Elon Musk Changes Name on X, Sends Solana Meme Coins Flying – Decrypt

Next Post
rewrite this title DOGE Boss Elon Musk Changes Name on X, Sends Solana Meme Coins Flying – Decrypt

rewrite this title DOGE Boss Elon Musk Changes Name on X, Sends Solana Meme Coins Flying - Decrypt

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result
  • Trending
  • Comments
  • Latest
rewrite this title SEI Leads Crypto Market With 43% Weekly Surge – alt=

rewrite this title SEI Leads Crypto Market With 43% Weekly Surge – $0.5 Reclaim In The Horizon?

June 28, 2025
rewrite this title ‘FIFA Rivals’ Review: Should You Play This NFT Soccer Game? – Decrypt

rewrite this title ‘FIFA Rivals’ Review: Should You Play This NFT Soccer Game? – Decrypt

June 28, 2025
rewrite this title High Season, High Stakes: Navigating Summer Risks in Property Management

rewrite this title High Season, High Stakes: Navigating Summer Risks in Property Management

June 27, 2025
rewrite this title with good SEO Bitcoin Could Explode On Bessent’s 0 Billion Deregulation Shock

rewrite this title with good SEO Bitcoin Could Explode On Bessent’s $250 Billion Deregulation Shock

May 28, 2025
Mastering Crypto Mining: A Step-By-Step Guide

Mastering Crypto Mining: A Step-By-Step Guide

September 12, 2024
CRYPTO IS DUMPING DUE TO THIS… What Comes Next?

CRYPTO IS DUMPING DUE TO THIS… What Comes Next?

June 13, 2025
rewrite this title Flamengo 2-4 Bayern Munich: Kane brace sets up Club World Cup last eight clash with PSG

rewrite this title Flamengo 2-4 Bayern Munich: Kane brace sets up Club World Cup last eight clash with PSG

June 29, 2025
rewrite this title Superman Cast Teases New Movie With Hilarious Behind The Scenes Clip | Celebrity Insider

rewrite this title Superman Cast Teases New Movie With Hilarious Behind The Scenes Clip | Celebrity Insider

June 29, 2025
rewrite this title Vitalik Buterin says pluralistic ZK digital IDs are the ‘best realistic solution’ to preserve privacy

rewrite this title Vitalik Buterin says pluralistic ZK digital IDs are the ‘best realistic solution’ to preserve privacy

June 29, 2025
rewrite this title 12 New Summer Anime Releases to Add to Your Watch List Right Now

rewrite this title 12 New Summer Anime Releases to Add to Your Watch List Right Now

June 29, 2025
rewrite this title and make it good for SEO4 Signs Stagflation Could Be Coming in 2025

rewrite this title and make it good for SEO4 Signs Stagflation Could Be Coming in 2025

June 29, 2025
rewrite this title This Week in Crypto Games: ‘Raini: The Lords of Light’ Shutting Down, ‘Eve Frontier’ Trial – Decrypt

rewrite this title This Week in Crypto Games: ‘Raini: The Lords of Light’ Shutting Down, ‘Eve Frontier’ Trial – Decrypt

June 29, 2025
DeFi Daily

Stay updated with DeFi Daily, your trusted source for the latest news, insights, and analysis in finance and cryptocurrency. Explore breaking news, expert analysis, market data, and educational resources to navigate the world of decentralized finance.

  • About Us
  • Blogs
  • DeFi-IRA | Learn More.
  • Advertise with Us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2024 Defi Daily.
Defi Daily is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi-IRA
  • DeFi
    • NFT
    • Metaverse
    • Web 3
  • Finance
    • Business Finance
    • Personal Finance
  • Markets
    • Crypto Market
    • Stock Market
    • Analysis
  • Other News
    • World & US
    • Politics
    • Entertainment
    • Tech
    • Sports
    • Health
  • Videos

Copyright © 2024 Defi Daily.
Defi Daily is not responsible for the content of external sites.