Sen. Warren Opposes Renewing Fed’s Powell: ‘A Dangerous Man’

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.

© 2021 Newsmax. All rights reserved.

There is no custom code to display.

What's happening

COATS FOR THE COLD

COATS FOR THE COLD

It’s time to gather your gently used or new coats and donate them during the Coats for the Cold campaign for Knox Area Rescue Ministries! Drop off the coats at any KARM location or Prestige Cleaners location! Please help our friends in need by donating a gently used or new coat during the Coats for…

Dogwood Arts Bazillion Blooms

Dogwood Arts Bazillion Blooms

It’s planting time in Tennessee! Dogwood Arts is on a mission to Keep Knoxville Blooming by selling dogwood trees through their annual Bazillion Blooms program.