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Senate Banking Committee Republicans to grill Fed chair on inflation, regulating big banks
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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 from Federal Reserve Chair Jerome Powell.
Powell, 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."
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