Federal Reserve Chair Powell testifies before the Senate committee on monetary policy — 3/7/24
CNBC Television・2 minutes read
Senate committee votes 12-11 to nominate Ron Bakowski as director of The Office of Financial Research; Senator Paul emphasizes Fed's role in stabilizing prices and employment, urges protection from Wall Street influence. Federal Reserve maintains focus on maximum employment, stable prices; economic activity expands by 3.1% in 2023, housing sector subdued due to high mortgage rates.
Insights
- Senator Paul emphasizes the need for the Federal Reserve to lower interest rates to address high living costs and corporate price gouging, urging the Fed to protect the financial system from Wall Street influence and hold banks accountable for risky behavior.
- The Senate committee votes 12 in favor and 11 opposed on Ron Bakowski's nomination as director of The Office of Financial Research at the Department of Treasury, indicating a close decision that could impact financial risk identification and mitigation across the system.
- Concerns are raised about rising interest rates as a response to inflation caused by Democratic spending, impacting national debt servicing costs, with predictions of a 32% increase in interest payments on the national debt this year, surpassing defense spending.
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Recent questions
What is the Senate committee voting on?
Ron Bakowski's nomination as director of The Office of Financial Research at the Department of Treasury.
Who discusses the Federal Reserve's role?
Senator Paul
What is the impact of high interest rates?
Housing costs and the economy are affected.
What is the Federal Reserve focused on?
Dual mandate of maximum employment and stable prices.
What is the economic impact of inflation?
Balancing risks to employment and inflation goals.
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