- Sen. Elizabeth Warren charged that Fed Chairman Jerome Powell has led an effort to weaken the nation's banking system, and she will oppose his renomination.
- In remarks made during a Senate hearing, the Massachusetts Democrat cited several instances where she said the Powell Fed has watered down post-financial crisis bank regulations.
- Powell did not respond to Warren's comment that she will oppose him.
Sen. Elizabeth Warren charged Tuesday that Federal Reserve Chairman Jerome Powell has led an effort to weaken the nation's banking system, and she vowed to oppose his renomination.
In remarks made during a hearing before the Senate Banking Committee, the Massachusetts Democrat cited several instances where she said the Powell Fed has watered down post-financial crisis bank regulations.
Even if he does seek to give Powell another term, Biden will have a chance to remake the Fed.
Randal Quarles, the current vice chair in charge of supervision, will see his term expire in October, and current Fed Governor Lael Brainard, who favors a stronger regulatory hand, has been given frequent mention as a potential replacement.
Vice Chairman Richard Clarida will see his time on the Federal Reserve Board of Governors expire in January, and there remains another vacancy on the board.
Sen. Robert Menendez, D-N.J., grilled Powell during the hearing on the lack of diversity at the central bank. Biden will face pressure to provide a diverse set of nominees for the Fed vacancies.
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