Sep 28, 2021 - Politics & Policy

Warren opposes Fed chair Powell's renomination, calls him a "dangerous man"

Elizabeth Warren

Sen. Elizabeth Warren speaks during a hearing before Senate Armed Services Committee on Sept. 28. Photo: Alex Wong/Getty Images

Sen. Elizabeth Warren (D-Mass.) questioned Federal Reserve chair Jerome Powell's record on financial regulation during a hearing Tuesday, calling him a "dangerous man" and saying that she would not support his renomination for a second term.

Driving the news: While the Fed chair’s term expires in early 2022, President Biden is expected to make a decision this fall on whether to reappoint Powell or nominate another candidate.

Why it matters: Warren's explicit opposition could impact Biden's decision to stick with Powell or risk going with another candidate, who may face more opposition from Republicans, Bloomberg notes.

What she's saying: “Your record gives me grave concern,” Warren said during a Senate Banking Committee hearing, per Bloomberg. “You have acted to make our banking system less safe, and that makes you a dangerous man to head up the Fed and that is why I will oppose your renomination.”

The big picture: Warren's remarks echoed previous concerns she has voiced about Powell's deregulatory efforts as Federal Reserve chair, according to Politico.

  • Powell has garnered support from moderate Democrats as well as some Republicans.
  • Yet more progressive Democrats have urged Biden to replace Powell with someone more aggressive on financial regulation and climate change.

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