Sen. Warren tells Fed Chairman Powell she will oppose his renomination

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Warren calls Powell ‘a dangerous man to lead the Fed’

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Progressive Sen. Elizabeth Warren, D-Mass. told Federal Reserve Chairman Jerome Powell on Tuesday that he would oppose his nomination for a second term, calling him a “dangerous man” to lead the central bank.

During his time speaking in Fed chief’s testimony before the Senate Banking Committee, Warren accused Powell — previously nominated to the board of governors by former President Obama and made chairman by former President Donald Trump — of several measures. He undermined the Fed’s oversight, claiming to do so. of big banks.

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Powell defended the senator’s every measure of criticism, but said, “Everything we did is fair game to look again.”

“You know Chair Powell, the elephant in the room is whether you’re going to be re-nominated for a second term as Fed Chair,” Warren told Powell.

The senator continued, “Nominating you again means a Republican majority in the Federal Reserve for the next five years, along with a Republican chair that has regularly voted to deregulate Wall Street, this economy.” Will not drive you on a financial cliff again.” . “And with so many qualified candidates for this job, I don’t think it’s worth taking the risk.”

Warren told Powell, “Your record gives me serious concern. Over and over again, you’ve worked to make our banking system less secure. And that makes you a dangerous man to lead the Fed, and so on.” I will oppose your nomination.”

Warren was also the lone senator on the banking committee to oppose Powell’s nomination in 2017. In 2018, Powell received an overwhelming bipartisan majority of 84 senators who voted to make him Fed chairman.

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Warren is a fan of Lyle Brainard, the only Democrat on the board of governors who is considered to be at the forefront of opposing President Biden Powell not re-nominated.

Powell’s term ends in February 2022, but the White House has indicated it will decide on his nomination by Labor Day.

Granthshala Business’ RN White and Megan Heaney contributed to this report.


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