Sen. Elizabeth Warren, D-Mass., spoke out against renominating Federal Reserve Chairman Jerome Powell, calling him "a dangerous man" whose record gives her "grave concern."
"Your record gives me grave concern," Warren told Powell during a Senate Banking Committee hearing Tuesday. "Over and over, you have acted to make our banking system less safe, and that makes you a dangerous man to head up the Fed. And it's why I will oppose your renomination."
Powell, appointed by former President Barack Obama and then promoted to chair by former President Donald Trump — albeit not without criticism from Trump or Republicans in Congress — is set to have his term expire early next month.
Progressives have been critical of Powell for different reasons, including Rep. Alexandria Ocasio-Cortez, D-N.Y., who has sought to have a new nominee who is more aggressive on restoring financial regulations unwound by the Trump administration and imposing financial regulations that serve their climate change agenda, Politico reported.
Amid massive tax-and-spend initiatives threatening inflation, along with supply-chain issues contributing to it amid the ongoing coronavirus pandemic, the new chairman of the Federal Reserve nomination looms large for President Joe Biden.
Some Democrats like Sen. Jon Tester, D-Mon., have come out in support of a second term for Powell, Politico reported.
Warren called out Powell for the Fed no longer failing banks for having insufficient loss-absorbing capital in stress tests, but Powell responded that capital at big banks are at "multi-decade highs."
Powell did acknowledge a willingness to revisit Trump-era deregulation, though.
"Anything we did is fair game to look at again," he told Warren.
Powell also admitted last week the new administration is within its right to make a change, although Politico reports the change might come at the Fed's top regulator, the vice chair of supervision, while Powell is brought back by Biden.
"It's fully appropriate for a new person to come in and look at the current state of regulation and supervision and suggest appropriate changes, and I welcome that," Powell said last week, according to Politico.
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