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The Fed had primary regulatory oversight of the two failed bank (#2 and #3 largest in US history). The White House wanted a statement saying regulatory failures contributed to the crashes. Powell intervened to remove any criticism of the regulation.
www.commondreams.org

'An Abomination': Powell Cut Mention of Regulatory Failures From Bank Bailout Statement
"Everyone involved in Biden's decision to renominate him must apologize," said one watchdog.
