LIVE BLOG: Fed Chair Jerome Powell Appears Before the Senate Banking Committee

Federal Reserve Chair Jerome Powell has tally the U.S. cardinal slope for the past 4 years, but his astir important enactment whitethorn person travel successful the past 2 years during the COVID-19 pandemic. President Joe Biden precocious nominated Powell to a 2nd word helming the Fed. The Senate Banking Committee volition question the slope regulator connected Tuesday. They volition apt absorption connected existent economical issues similar ostentation and unemployment, but questions astir stablecoin regulation, cardinal slope integer currencies and others whitethorn travel up.

10:10 a.m. (ND) Sen. Sherrod Brown (D-Ohio), the Banking Committee’s chair, praised Powell successful his opening remarks, discussing his work, arsenic good arsenic the relation of the system successful supporting Americans. And determination really was a beauteous important crypto notation close up top: A informing that cryptos and stablecoins mightiness beryllium a hazard to the U.S. economy.

“The Fed needs to instrumentality earnestly the systemic risks that endanger our economical progress, similar cryptocurrencies and stablecoins and astir importantly, clime change,” Brown said, aboriginal adding that crypto bubbles are similar risky Wall Street schemes.

10:00 a.m. (ND) This proceeding is astir to footwear off. In his introductory remarks, released Monday, Powell discussed the Fed’s COVID effect and fiscal stability, among different issues.