Since lawmakers first forced Fed Chairman Jerome Powell and the Treasury Secretary (at the time, Mnuchin was still Treasury Secretary) to deliver regular testimony about the state of the economy to Congress as part of the CARES Act, the testimony has been mostly sleepy with a few major confrontations.
Perhaps the biggest happened on Tuesday, when Sen. Elizabeth Warren confronted Powell about allegedly weakening regulation of banks and financial institutions, before publicly declaring for the first time that she would not support his renomination to the role of Fed chairman.
Warren's pronouncement came as a surprise, and it elevated the hearing from a routine snoozefest to a potential venue for future confrontations between progressive lawmakers and Powell (or, potentially, somebody else, if Warren successfully manages to sink his renomination) or, less frequently, Janet Yellen.
And so, we have arrived at Thursday's testimony before the House Financial Services Committee, led by Chairwoman Maxine Waters, well known for haranguing bank and tech CEOs.
The prepared remarks from Yellen and Powell for the hearing are identical to Tuesday's. But reporters will be keeping an eye on the Q&A, just in case there's another major blowup.
Will Maxine fire Jerome Danger today? Stay tuned— zerohedge (@zerohedge) September 30, 2021
Readers can tune in live below:
Here are Yellen's prepared remarks: