Sep 28, 2021 - Politics & Policy

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

Ivana Saric

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.

Go deeper: AOC, Tlaib and Pressley urge Biden to replace Fed chair Powell

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

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