On November 28, 2017, the US Senate Committee on Banking, Housing & Urban Affairs held the nomination hearing of Jerome Powell to serve as Chair of the Federal Reserve Board. Governor Powell's written testimony briefly discussed his background and the Federal Reserve Board's policy goals of maximum employment and price stability. Governor Powell acknowledged the Federal Reserve Board's efforts to tailor regulation to a bank's size and risk profile but stressed, however, that balance must be maintained between easing of regulatory burdens and preserving core regulatory reforms. Senator Sherrod Brown and Mike Crapo each expressed some degree of support for Governor Powell. Senator Crapo spoke briefly about the regulatory burden on the financial industry, especially with regard to smaller community institutions, and referenced bipartisan legislation that has been introduced to alleviate some of these burdens. Senator Brown, on the other hand, cautioned against deregulation, and expressed concerns about the direction of financial regulation under the current Administration.
Governor Powell's written testimony is available at:
https://www.federalreserve.gov/newsevents/testimony/powell20171128a.htm , Senator Brown's opening statement is available at: https://www.banking.senate.gov/public/index.cfm/democratic-press-releases?ID=EF5C332D-1F15-44CA-8CC0-3366749E6DD9 and Senator Crapo's opening statement is available at:
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