video: Sen. Warren Questions Ex Fed Regulator Played Role in ‘08 Financial Crisis
Wednesday, April 06, 2016
At the hearing, Senator Warren questioned one of the witnesses chosen by Chairman Richard Shelby, former Federal Reserve regulator Leonard Chanin.
From 2005-2011, Chanin helped lead the Fed's Division of Consumer Community Affairs, where he the responsibility and authority to regulate deceptive mortgages which included worst forms of subprime lending that helped spark the 2008 financial crisis, but failed to act.
The bipartisan Financial Crisis Inquiry Commission found that "the Federal Reserve's failure to stem the flow of toxic mortgages" was an example of the hands off regulatory approach that allowed the 2008 crisis to happen.
"According to the Dallas Fed, (the) crisis cost the American economy an estimated $14 trillion. It cost millions of families their homes, their jobs, their savings - devastating communities across America. So when you talk now about how certain regulations are too costly or too difficult to comply with, you sound a lot like you did before the 2008 crisis when you failed to act," said Warren.
Warren questioned Chanin, who defended his time at the Fed.
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