Federal Reserve Chairman Jerome Powell testifies before the House Financial Services Committee.
Key comments
“We are ensuring that banks with exposure to commercial real estate can manage any losses.”
“These consequences will continue for years to come.”
“Our Fed supervisors are working with small and medium-sized banks on their exposure risks“.
“Both immigration and labor force participation contributed to the strong economic growth we had last year.”
“The bankruptcy of Silicon Valley Bank was due to an overly concentrated financing structure.”
“We are not politically responsible for climate change“.
“We're starting very carefully with large institutions in their climate exposure; not by imposing it on small banks.”
“Compensation incentives were not a major driver of Silicon Valley Bank's failure.”
“Climate change is real and poses long-term risks.”
About Jerome Powell (via Federalreserve.gov)
“Jerome H. Powell first assumed the role of Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was re-elected to the position and sworn in for a second term. four years on May 23, 2022. Powell is also Chairman of the Federal Open Market Committee, the System's main monetary policy body. Mr. Powell has been a member of the Board of Governors since his inauguration on May 25, 2022. May 2012, to fill an unexpired term. He was re-elected as a member of the Council and was sworn in on June 16, 2014, for a term that ends on January 31, 2028.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
