Lehman-era regulator says Jerome Powell forgot a key lesson of 2008
CNN
Federal Reserve Chairman Jerome Powell has been criticized by progressives for going soft on big banks and not doing enough to address the climate crisis. Now, a lifelong Republican is joining that critique.
Sheila Bair, one of the few American regulators who sounded the alarm prior to the subprime mortgage meltdown, told CNN that Powell has presided over a troubling rollback of the rules installed to prevent a repeat of the 2008 financial crisis. "His real weakness is on financial regulation," said Bair, who led the Federal Deposit Insurance Corporation from 2006 to 2011. "Oversight is weaker since Janet Yellen left. That's an easy one."More Related News