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Fed vice chairman nominee faces grilling

Banking regulators question Stanley Fischer

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According to The Wall Street Journal, Fed vice chairman nominee Stanley Fischer is likely to face questions at his confirmation hearing about whether he would be a tough regulator of big banks.

"We should examine what Mr. Fischer learned from his time on Wall Street and how he would apply this experience to his new job," said Sen. Sherrod Brown, an Ohio Democrat. "Some of the best watchdogs have come from industry, while others have been lap dogs. We must do all that we can to ensure that our regulators will work to protect the public and break Washington's long-held bias towards Wall Street."

A spokeswoman for Sen. Elizabeth Warren said the Massachusetts Democrat "will look closely at the records of all of the president's nominees for the Fed, and will have a large number of questions for them—including about how their prior experiences might inform their views on bank regulation and the risk too-big-to-fail banks pose to our economy."

Source: WSJ
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