Jerome Powell Quotes
There is certainly a role for regulation, but regulation should always take into account the impact that it has on markets, a balance that must be constantly weighed.
Powell, Jerome H. "Statement before the Committee on Banking, Housing, and Urban Affairs." U.S. Senate, 28 Nov. 2017.
in the Meltdown of 2008 Gramm was one of the most ideological deregulators in Congress. As the Meltdown of 2008 hit, he immediately made this statement when few people even knew the extent of what had happened, much less why it happened. Gramm’s instant absolution of deregulation as one of the causes is a classic case of denial. There were few economic issues of controversy that did not contribute to the totality of causes. And a few years later Gramm was one of the very few ideologues who still believed that deregulation did not have a role in the Meltdown and the Great Recession that followed. For a contrast from the expert in his own party, see {638023}.
Federal rulemaking is a complicated arcane process as a result of Congress making it harder for Federal agencies to make rules. Although Congress could legislate any rules, many members prefer not to go on ecord as supporting some rules. Others watch what the public reaction is and if good, they support it and take credit and if bad, they complain of the "overreach of unelected bureaucrats". However, they do not want rulemaking to be fast or efficient; they want the time to decide where they stand. IN 2017 The incomming Trump Administration wanted to repeal many of the Federal Rules that had been made in the previous Obama Administration. However Trump and his team was not very experienced politically and ran against the politicians. They were surprised that it was as hard to repeal Federal Rules as it was to make them in the first place as this quotation explained
He and others believe that no matter what regulatioms government officials might impose, Wall Street, the banks and financeers will find a way around the reulations.
Jerome Hayden "Jay" Powell is the 16th chair of the Federal Reserve, serving in that office since February 2018. He was nominated to the Board of the Federal Reserve in 2012 by President Barack Obama, and subsequently nominated to be the chair of the Fed by President Donald Trump, and confirmed in each case by the United States Senate.
