Chair: Time expired Kennedy: but you had 6 min. Powell on spending, FDIC scandals, Basel III Endgame

On 3/6/2024, Louisiana Republican Senator John Kennedy raised questions about the FDIC’s involvement in the Basel III Endgame proposal. After asking Powell about his quotes during the February 60 Minutes interview in which he said “integrity is priceless,” Kennedy proceeded to outline a number of allegations involving the FDIC, including that a female employee suffered sexual harassment and additional unprofessional behavior at the agency.

The agency launched an investigation into the allegations.

Chair Sherrod Brown (D-Ohio) interrupted Kennedy to note that the Republican lawmaker was over his allotted time. Finally, Kennedy asked if the allegations were proven, should the FDIC lead the charge on Basel III Endgame proposal.

Powell responded: “I don’t know how I would make the connection to Basel III,” adding that the allegations Kennedy outlined were “deeply troubling things, obviously.”

“We have to decide Basel III on its merits and we’re not looking to the FDIC to lead this,” Powell added. “We’re looking at the Fed to do what the Fed thinks is right. That’s what we’re going to do.”

https://www.facebook.com/HygoNewsUSA/videos/1491260581765949

Chair: Time expired Kennedy: but you had 6 minutes. Powell on spending, FDIC scandals, Basel III Endgame

Key Points

On 3/6/2024, Louisiana Republican Senator John Kennedy raised questions about the FDIC’s involvement in the Basel III Endgame proposal

• After asking Powell about his quotes during the February 60 Minutes interview in which he said “integrity is priceless,” Kennedy proceeded to outline a number of allegations involving the FDIC, including that a female employee suffered sexual harassment and additional unprofessional behavior at the agency
• The agency launched an investigation into the allegations
• Chair Sherrod Brown (D-Ohio) interrupted Kennedy to note that the Republican lawmaker was over his allotted time

Transcript Highlights

The following is transcribed from the video audio:

• Senator Kennedy, your time’s already expired
• You can do one, you did five minutes, consume the whole five minutes with your monologue of
• Senator Kennedy, for months, I have let you go way over the five minutes
• I’m gonna order, you’re gonna be at six minutes in 15 seconds if you continue this argument
• I just wanted to direct it to be clear, Mr
• Chairman, in light of these allegations, if they’re proven, how can the FDIC lead this charge for Basil in game three, which is gonna turn the banking community upside down
• I don’t know how I would make the connection to Basil three
• I’ll say it’s deeply troubling things, obviously, but again, as your point was, if proven
• And I mean, I think we have to decide Basil three on its merits and we’re not looking to the FDIC to lead this, by the way, we’re looking at the Fed to do what the Fed thinks is right
• We don’t look to, and they don’t look to us to lead them

Full transcript: 436 words transcribed via Whisper AI.