Elizabeth Warren Skewers Federal Reserve Regulator Who Played “Pivotal” Role in 2008 Financial CrisisBy: pete marchese | April 8, 2016 |
This video of Elizabeth Warren ‘roasting’ a bank regulator who refused to regulate responsibly has been viewed over 1.8 million times — in just 3 days.
On April 5th, Republicans tried to use their Senate Banking Committee hearing to show that regulating banks costs too much. Elizabeth Warren turned that on its head, opening her questions saying, “I want to focus on the other side of the equation, and that is the cost to American families of failing to regulate.”
Nor would she stand for ‘tenure defenders.’
“Did you have your eyes stitched closed?” she asks Leonard Chanin, Republicans’ lead witness and former Deputy Director of the Division of Consumer and Community Affairs at the Federal Reserve Board in response to his dogged refusal there was any hard data available prior to regulation failures that led to the economic collapse of 2008.
A ‘prime example’ of the hands-off regulatory approach that may lead to the next.
“You did essentially nothing,” Warren told Chanin, who has since left the Federal Reserve to work for a private law firm advising big banks. “Now, your failure had devastating consequences.”Category:
Blog, Current Events, Economy, Politics, Senate Banking Committee Tags: banking hearing on consumer finance, elizabeth warren