Skip to player
Skip to main content
Skip to footer
Search
Connect
Recommended
1:28
|
Up next
Jerome Powell Tells John Kennedy That An 'Unusually Challenging' Market Made The Dollar Weaker
Forbes Breaking News
yesterday
2:58
John Kennedy Asks Jerome Powell About The Impact Of Tariffs On Inflation
Forbes Breaking News
yesterday
6:11
Bernie Moreno Tears Into Fed Chair Powell: ‘You Were Elected By One Person, He Doesn’t Want You’
Forbes Breaking News
6/25/2025
5:14
Bill Hagerty Accuses Fed Chair Powell Of Having A ‘Bias’ Of Viewing Tariffs As Inflationary
Forbes Breaking News
4 days ago
5:24
'I Am Making A Point': Jim Banks Gets Testy With Jerome Powell Over Big Beautiful Bill
Forbes Breaking News
2 days ago
5:07
Pete Ricketts Presses Fed Chair Powell About Trump's Tariffs: ‘How Could That Be Inflationary?’
Forbes Breaking News
6/26/2025
5:39
Federal Reserve Chair Jerome Powell Testifies Before The Senate Amidst Tensions With The Trump Admin
Forbes Breaking News
6/26/2025
0:58
Fed Chair Powell: ‘Despite Heightened Uncertainty, The Economy Is Still In A Solid Position’
Forbes Breaking News
5/8/2025
5:22
John Kennedy Grills Jerome Powell About GOP's Big Beautiful Bill
Forbes Breaking News
6/25/2025
0:29
Fed Chair Jerome Powell: The Federal Reserve Would Have Cut Rates If Not For Tariffs Chair Jerome Powell_ The Federal Reserve Would Have Cut Rates If Not For Tariffs
Forbes Breaking News
3 days ago
5:12
French Hill Asks Jerome Powell About Influence Of Tariffs On Interest Rates
Forbes Breaking News
yesterday
5:34
'Sky Is Falling Scenario': Andy Barr Rips Into Big Beautiful Bill Criticism During Jerome Powell Questioning
Forbes Breaking News
yesterday
2:29
Jerome Powell Pressed On How Tariff Policy Is Effecting Long-Term Uncertainty
Forbes Breaking News
4/17/2025
0:36
Fed's Powell Warns: If Trump’s Tariffs Are Sustained, Inflation And Unemployment Will Likely Rise
Forbes Breaking News
5/8/2025
5:05
Raphael Warnock: ‘The Big Ugly Bill Will Put The United States On A Disastrous Fiscal Path’
Forbes Breaking News
6/27/2025
0:54
John Kennedy Makes Jerome Powell Laugh With Tongue-In-Cheek Question About Big Beautiful Bill
Forbes Breaking News
4 days ago
15:33
Fed Chair Jerome Powell Warns: 'We May Be Entering A Period Of More Persistent Supply Shocks'
Forbes Breaking News
5/15/2025
6:50
Mike Rounds Grills Fed Chair Powell About Building Renovation Costs: 'You're Talking About Billions'
Forbes Breaking News
6/26/2025
25:51
Chris Van Hollen Decries 'Huge Transfer Of Wealth' To Rich People From Big Beautiful Bill
Forbes Breaking News
3 days ago
4:07
Catherine Cortez-Masto Asks Federal Reserve Chair Jerome Powell About Challenges For Community Banks
Forbes Breaking News
6/27/2025
0:35
Fed Chair Jerome Powell Says Fed Won’t Rush to Cut Interest Rates
Benzinga
2/12/2025
6:12
Fed Chair Jerome Powell Warns Trump Tariffs Could Increase Inflation In 'Economic Outlook'
Forbes Breaking News
4/16/2025
0:31
Fed Chair Jerome Powell Remains Unfazed by Economic Worries Despite Calls to Act Immediately on Rate Cuts
Benzinga
8/7/2024
5:26
'Everything We Do Is In Service To Our Public Mission': Jerome Powell Speaks On U.S. Economy
Forbes Breaking News
yesterday
5:44
Chris Van Hollen And Noem Exchange Blows Over Kilmar Abrego Garcia: 'I'm Not Vouching For The Man'
Forbes Breaking News
5/8/2025
Watch fullscreen
Like
Comments
Bookmark
Share
Add to Playlist
Report
'People Feel Uncertain': Chris Van Hollen Presses Fed Chair Jerome Powell On Tariff Impacts
Forbes Breaking News
Follow
yesterday
During a Senate Banking Committee hearing last Wednesday, Sen. Chris Van Hollen (D-MD) asked Federal Reserve Chair Jerome Powell on the impacts tariffs will have on the economy.
Category
🗞
News
Transcript
Display full video transcript
00:00
Thank you. Senator Van Hollen. Thank you, Mr. Chairman and Chairman Powell. Good to see you.
00:07
I want to start by acknowledging the continued uptake of the FedNow real payment system. I know
00:14
I've raised the development and rollout of that system with you in many, many hearings over many
00:20
years. We're now about two years after launch. I want to continue to work with you and your
00:25
colleagues to encourage expanding and expanded adoption of the capacity capability and capacity
00:32
so that customers have real time access to their money. So I just ask that we continue to work on
00:39
that together. You agree? I do. I thought you might. Thank you. So I want to ask you about the
00:46
student loan situation in the country and you've talked about this in the past and you've talked
00:52
about how it can be a drag on the economy, especially when it gets to be very high in terms of
01:00
balances that cannot be paid. According to the New York Fed, student loan balances grew by 16
01:06
billion dollars to reach 1.63 trillion in the first quarter of this year. A data shows an uptick in the
01:15
student loan delinquency rate overall, the age of delinquent borrowers and the number of newly delinquent
01:22
borrowers. Department of Education, meanwhile, restarted debt collection activities last month
01:29
and starting in July, nearly 2 million borrowers could see their wages being garnished. Meanwhile,
01:38
here in the Senate, President Trump and Republican senators are working to pass this piece of legislation
01:47
that would limit affordable loan repayment options and make it harder for borrowers to responsibly repay
01:56
their debt and get back on a path toward financial health. So, Mr. Chairman, you said before in your
02:03
testimonies that student loan debt can negatively impact borrowers ability to fully participate in our
02:10
economy and that it can weigh down on the economy overall. Is that still your view? Yes, it is. And could
02:20
you just share your assessment just from a factual perspective about how this problem seems to be growing
02:29
at this point in time? And what would happen if we allow all of these borrowers to default? So the point
02:40
I was making, I try hard not to comment on things that aren't Fed policy, but I broke that rule in this
02:46
case many years ago. And I so I'll just say what I said then, which is, you know, you can you can make all
02:51
kinds of investments and you can discharge. If you if you can't pay back the loan, you can discharge it in
02:57
bankruptcy. The one exception we make is student loans. And I asked whether that is wise national
03:03
policy, people borrow to invest in their education, that we do not forgive. It seems like for Congress,
03:10
something for Congress to consider. That's all it's none of none of the Fed's business really. Ultimately,
03:14
it's not a big macroeconomic thing. But I've said it before. I said it again. Mr. Chairman, I appreciate
03:19
you're breaking your own will before and I appreciate your I won't do it again now. I cannot agree with you more
03:26
about the anomaly in the ability to discharge a debt in bankruptcy. The idea that student loan
03:32
sort of is the one category of debt that we don't allow to be discharged is confounding. I think,
03:40
unfortunately, so far, it's been a sign of the power of some of the companies involved in in that area.
03:48
And I just came from another committee where I'm in the ranking member. So I apologize if you already
03:56
talked about the tariff situation. But I know this was obviously a factor that you all had to consider
04:04
in making decisions about changes in the interest rates. Obviously, there's a lot of uncertainty in the
04:10
economy. I may hear it every day from Marylanders, we have the Port of Baltimore, we have lots of small
04:16
businesses that rely on tariffs. You're an economist, you know, that increasing tariffs is like
04:22
increasing taxes across the board. But can you just speak to the uncertainty component of all of this
04:29
and how that is weighing on people's decisions? So surveys show very widely that people feel uncertain about
04:37
the economy. And they do point to tariffs in that answer. I will say, though, that that actually peaked
04:44
back in in April and has come down a little bit. And if you talk to businesses, I talked to an unusually
04:50
large number of business people in the last couple of months. And the feeling is a little better now
04:56
than it was. They're getting on with it and feeling, you know, I'd say surveys are still showing
05:01
depressed sentiment. But but it's moved up from where it was. I would say, Mr. Chairman, that may
05:08
be the case at this moment. But we all know that we could wake up any morning and see another tweet.
05:14
And that could change dramatically. So I appreciate I appreciate your your efforts to try to do what you
05:23
can to meet your dual objectives at the Fed. Thank you, Mr. Chairman. Yes.
Recommended
1:28
|
Up next
Jerome Powell Tells John Kennedy That An 'Unusually Challenging' Market Made The Dollar Weaker
Forbes Breaking News
yesterday
2:58
John Kennedy Asks Jerome Powell About The Impact Of Tariffs On Inflation
Forbes Breaking News
yesterday
6:11
Bernie Moreno Tears Into Fed Chair Powell: ‘You Were Elected By One Person, He Doesn’t Want You’
Forbes Breaking News
6/25/2025
5:14
Bill Hagerty Accuses Fed Chair Powell Of Having A ‘Bias’ Of Viewing Tariffs As Inflationary
Forbes Breaking News
4 days ago
5:24
'I Am Making A Point': Jim Banks Gets Testy With Jerome Powell Over Big Beautiful Bill
Forbes Breaking News
2 days ago
5:07
Pete Ricketts Presses Fed Chair Powell About Trump's Tariffs: ‘How Could That Be Inflationary?’
Forbes Breaking News
6/26/2025
5:39
Federal Reserve Chair Jerome Powell Testifies Before The Senate Amidst Tensions With The Trump Admin
Forbes Breaking News
6/26/2025
0:58
Fed Chair Powell: ‘Despite Heightened Uncertainty, The Economy Is Still In A Solid Position’
Forbes Breaking News
5/8/2025
5:22
John Kennedy Grills Jerome Powell About GOP's Big Beautiful Bill
Forbes Breaking News
6/25/2025
0:29
Fed Chair Jerome Powell: The Federal Reserve Would Have Cut Rates If Not For Tariffs Chair Jerome Powell_ The Federal Reserve Would Have Cut Rates If Not For Tariffs
Forbes Breaking News
3 days ago
5:12
French Hill Asks Jerome Powell About Influence Of Tariffs On Interest Rates
Forbes Breaking News
yesterday
5:34
'Sky Is Falling Scenario': Andy Barr Rips Into Big Beautiful Bill Criticism During Jerome Powell Questioning
Forbes Breaking News
yesterday
2:29
Jerome Powell Pressed On How Tariff Policy Is Effecting Long-Term Uncertainty
Forbes Breaking News
4/17/2025
0:36
Fed's Powell Warns: If Trump’s Tariffs Are Sustained, Inflation And Unemployment Will Likely Rise
Forbes Breaking News
5/8/2025
5:05
Raphael Warnock: ‘The Big Ugly Bill Will Put The United States On A Disastrous Fiscal Path’
Forbes Breaking News
6/27/2025
0:54
John Kennedy Makes Jerome Powell Laugh With Tongue-In-Cheek Question About Big Beautiful Bill
Forbes Breaking News
4 days ago
15:33
Fed Chair Jerome Powell Warns: 'We May Be Entering A Period Of More Persistent Supply Shocks'
Forbes Breaking News
5/15/2025
6:50
Mike Rounds Grills Fed Chair Powell About Building Renovation Costs: 'You're Talking About Billions'
Forbes Breaking News
6/26/2025
25:51
Chris Van Hollen Decries 'Huge Transfer Of Wealth' To Rich People From Big Beautiful Bill
Forbes Breaking News
3 days ago
4:07
Catherine Cortez-Masto Asks Federal Reserve Chair Jerome Powell About Challenges For Community Banks
Forbes Breaking News
6/27/2025
0:35
Fed Chair Jerome Powell Says Fed Won’t Rush to Cut Interest Rates
Benzinga
2/12/2025
6:12
Fed Chair Jerome Powell Warns Trump Tariffs Could Increase Inflation In 'Economic Outlook'
Forbes Breaking News
4/16/2025
0:31
Fed Chair Jerome Powell Remains Unfazed by Economic Worries Despite Calls to Act Immediately on Rate Cuts
Benzinga
8/7/2024
5:26
'Everything We Do Is In Service To Our Public Mission': Jerome Powell Speaks On U.S. Economy
Forbes Breaking News
yesterday
5:44
Chris Van Hollen And Noem Exchange Blows Over Kilmar Abrego Garcia: 'I'm Not Vouching For The Man'
Forbes Breaking News
5/8/2025