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The U.S. Federal Reserve should "respond decisively" to any new economic crisis, Fed chair nominee Jerome Powell told the Senate Banking Committee Tuesday, positioning himself as an heir to the central bank policies of current chair Janet Yellen and her predecessor Ben Bernanke.During Powell's time as a governor the Fed has regularly come under the criticism of Republican lawmakers worried that the central bank's bondbuying and other crisis response programs created risks to the financial system, and that central bankers had accumulated too much discretionary power.Some of the arguments for reform, including the use of rules governing interest rate policy and rooted in skepticism about the Fed's approach to crisis-fighting, have support among the lawmakers who must confirm Powell as Fed chair.
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