Financial Services Committee Member Rep. Tlaib Unsure Who Ben Bernanke Is

POWELL Well to yes ░░░░░░░░ financial institutions we do ░░░░░░░░ So when the feds ░░░░░░░░ in to rescue banks ░░░░░░░░ a crisis is that ░░░░░░░░ you believe their role ░░░░░░░░ the economy is vital ░░░░░░░░ Really because we had ░░░░░░░░ choice to prevent the ░░░░░░░░ system from collapsing in ░░░░░░░░ and 2008 TLAIB My ░░░░░░░░ filing for bankruptcy was ░░░░░░░░ to so many retirees ░░░░░░░░ 40 50 years they ░░░░░░░░ for the city of ░░░░░░░░ saw their pensions completely ░░░░░░░░ gone Do you not ░░░░░░░░ that the governments of ░░░░░░░░ and Puerto Rico also ░░░░░░░░ a vital role that ░░░░░░░░ be preserved even if ░░░░░░░░ financial crisis makes it ░░░░░░░░ for them to borrow ░░░░░░░░ POWELL What I believe ░░░░░░░░ that it s not ░░░░░░░░ job for the Fed ░░░░░░░░ Fed has a particular ░░░░░░░░ and particular authorities and ░░░░░░░░ to state and local ░░░░░░░░ and supporting them when ░░░░░░░░ re in bankruptcy is ░░░░░░░░ part of our mandate ░░░░░░░░ We re going to ░░░░░░░░ disagree I do believe ░░░░░░░░ do have the authority ░░░░░░░░ you ve mentioned that ░░░░░░░░ the face of another ░░░░░░░░ crisis you would use ░░░░░░░░ same tools of expanding ░░░░░░░░ balance sheet and purchasing ░░░░░░░░ term bonds in other ░░░░░░░░ more of the same ░░░░░░░░ POWELL Yes TLAIB So ░░░░░░░░ m afraid that s ░░░░░░░░ not good enough I ░░░░░░░░ your predecessors former chairs ░░░░░░░░ and I believe it ░░░░░░░░ Bernanake seemed to agree ░░░░░░░░ on remarks both gave ░░░░░░░░ month For instance Chairman ░░░░░░░░ has suggested a money ░░░░░░░░ fiscal program might be ░░░░░░░░ during the next recession ░░░░░░░░ you agree with that ░░░░░░░░ be helpful POWELL I ░░░░░░░░ that s really an ░░░░░░░░ and not widely supported ░░░░░░░░ I don t believe ░░░░░░░░ Bernanke said that a ░░░░░░░░ supported fiscal policy would ░░░░░░░░ something that we should ░░░░░░░░ I know there s ░░░░░░░░ a group of people ░░░░░░░░ have pushed that idea ░░░░░░░░ I don t think ░░░░░░░░ included former chairman Bernanke ░░░░░░░░ may see something I ░░░░░░░░ t seen TLAIB I ░░░░░░░░ And Chairman look the ░░░░░░░░ government is supposed to ░░░░░░░░ about people I don ░░░░░░░░ see that we re ░░░░░░░░ pensioners a city like ░░░░░░░░ city of Detroit which ░░░░░░░░ front line communities that ░░░░░░░░ really been hit hard ░░░░░░░░ the financial recession They ░░░░░░░░ saying Detroit s coming ░░░░░░░░ If I show you ░░░░░░░░ they ll tell you ░░░░░░░░ don t know what ░░░░░░░░ re talking about because ░░░░░░░░ s actually increased access ░░░░░░░░ housing has decreased.”