Republicans on the Senate Banking Committee are expected to grill Federal Reserve Chair Jerome Powell in a Tuesday hearing on Capitol Hill.
Former Reagan economist Art Laffer discusses the January jobs report and the Fed's involvement in Biden's push to tax the wealthy. Regulatory standards for big banks as well as sky-high inflation could take the main stage during Tuesday's Senate Banking Committee hearing, which is set to feature testimony fromPowell, who has served under both the Trump and Biden administrations, is coming to Capitol Hill to testify about the Fed’s semiannual monetary policy report – which suggested a dim outlook for consumer spending trends and the national labor force.
Sen. Steve Daines, R-Mont., told Fox News Digital that he expects to grill Powell on inflation that he says is caused by "President Biden and congressional Democrats' reckless and partisan tax-and-spend spree over the past two years." The hearing comes on the heels of a letter sent to Powell by Senate Banking Committee ranking member Tim Scott, R-S.C., that dismissed another Fed official’s criticism of capital requirements for banks as "unfounded." Banking capital is roughly a financial institution’s net worth and the amount that allows it to weather bouts of economic turmoil. Federal Reserve Vice Chairman of Supervision Michael Barr called for tougher regulations on the bank buffers and announced that they would be undergoing a "holistic review." Jerome Powell, chairman of the U.S. Federal Reserve, is expected on Capitol Hill for back-to-back hearings this week. But for committee member Daines, Americans' rising cost of living will be front and center at the hearing. "From the gas station to the grocery store, Montanans are struggling under the weight of this man-made crisis, having to make tough choices every day that negatively impact their quality-of-life," a preview of Daines' opening statement today reads. "While crushing inflation and its real-life impacts remain a top-of-mind issue for Montanans, it is also important to note the devastating impact it will have on our nation’s economic future," he continues. Citing Congressional Budget Office figures that suggest the national debt could exceed $51 trillion in a decade, Daines will say, "Within five years, we will spend more on annual interest on the national debt … than we will on national defense. Think about that." "These absolutely shocking but predictable projections are the result of President Biden and congressional Democrats reckless and partisan tax and spend spree over the past two years, which served as kerosene poured on an already out-of-control inflationary fire," Daines' statement reads. Daines plans to call on Powell to discuss his plan to "deal with the Administration’s failures using the monetary side of the ledger."Sen. Tim Scott, the ranking member of the Banking Committee, led a letter to Fed Chair Jerome Powell on Friday. Meanwhile, Scott’s letter, signed by every Republican on the Banking Committee, warns Powell to tread carefully when it comes to overhauling regulations, and he cited the COVID-19 pandemic as proof those rules were sufficient. "In his recent remarks, Mr. Barr has suggested a need to increase capital requirements, which appears unfounded as banks subject to the current regulatory capital regime seem to have weathered the real-life stress test of the COVID-19 pandemic well," the Friday letter read. "Moreover, increasing capital requirements during an inflationary cycle may have serious consequences for lending, market liquidity, and the
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