Speed Reads

It's a no from her

Elizabeth Warren says Fed Chair Powell is 'dangerous,' will oppose his renomination

Sen. Elizabeth Warren (D-Mass) said Tuesday she would oppose the renomination of Federal Reserve Chair Jerome Powell, calling him a "dangerous man" whose record gives her "grave concern," Bloomberg reports.

"Your record gives me grave concern," Warren said during a Tuesday Senate hearing. "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."

It is just not a "risk worth taking," she added.

Warren's opposition raises the "political stakes" around a "major nomination decision for the Biden administration," writes The Washington Post, although the senator has "nudged close to this line for weeks without saying it outright," notes Reuters' Pete Schroeder. He adds that Powell is still likely to secure support from a "good number" of Republicans, despite Warren's concerns.

Powell's term comes to an end in February, and the White House has yet to signal whether or not it will reappoint him, although Bloomberg has previously reported aides might recommend the president do so. Powell has come under fire over regulatory and climate concerns from progessives, writes the Post and CNN.

Now, given Warren's staunch opposition, President Biden faces a "tough choice," adds Bloomberg's Steven Dennis: Renominate Powell, as is supported by Treasury Secretary Janet Yellen, and face a fight with Warren and other congressional progressives, or nominate someone else in a busy, 50-50 Senate.