Fed Chair Selection Process Not a Circus: Warren

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Sept. 16 (Bloomberg) -- Bloomberg chief Washington correspondent Peter Cook recaps his interview with Senator Elizabeth Warren on the process of selecting the next Federal Reserve Chairman and the state of the U.S. banking industry five years after the crisis. He speaks on Bloomberg Television's "Market Makers."

Senator warren.

What did she tell you about that?

There are people up there responsible for larry summers not getting the job.

Part of the group of 20 democrat to sign the letter this number -- this summer saying they supported janet yellen, and one of them was elizabeth warren.

I was talking this morning about the decision by larry summers to step down.

To what extent -- has a circus atmosphere been created?

She defended the action of she and her colleagues.

I don't think this has been a circus.

I think that this has been has been thinking through the importance of the federal reserve chair position and who best fits that.

People have raised legitimate questions, had good and thoughtful conversations, and that is where it has gone.

I think that is the right thing to do.

Peter, i know she also spoke to you about today, this being the five-year anniversary of lehman brothers filing for bankruptcy.

She is a household name right now because of the financial crisis, her work coming out of that.

She was a congressional watchdog over the tarp program and i asked where things are today.

She still believes there is risk in the system and believes to be to fail is a problem.

Five years later, the four biggest financial institutions are 30% bigger than they were then.

The five biggest financial institutions now have more than half of all the banking assets in the united states.

We still have a problem with too big to fail, and that is a risk for all of us.

She continues her efforts to try to restore glass-steagall , working alongside john mccain and other members of the u.s. senate.

But it will be a difficult lift right here.

It is not clear the legislation will clear congress anytime soon.

This text has been automatically generated. It may not be 100% accurate.


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