Sen. Warren tells Fed Chairman Powell she will oppose his renomination
Warren called Powell 'a dangerous man to head up the Fed'
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Progressive Sen. Elizabeth Warren, D-Mass., told Federal Reserve Chairman Jerome Powell on Tuesday that she would oppose his renomination for a second term, calling him "a dangerous man" to lead the central bank.
During her speaking time at the Fed chief's testimony before the Senate banking committee, Warren accused Powell – first nominated to the Board of Governors by former President Obama and made chair by former President Donald Trump – of taking several measures that she claims weakened the Fed's oversight of big banks.
Federal Reserve Chairman Jerome Powell
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Powell defended each measure the senator criticized, but said, "Anything we did is fair game to look at 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.
"Renominating you means gambling that for the next five years, a Republican majority at the Federal Reserve with a Republican chair, who has regularly voted to deregulate Wall Street, won't drive this economy over a financial cliff again," the senator continued. "And with so many qualified candidates for this job, I just don't think that's a risk worth taking."
Warren went on to tell Powell, "Your record gives me grave concern. 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'll oppose your renomination."
Warren was the lone senator on the banking committee to oppose Powell’s nomination back in 2017, as well. In 2018, Powell received an overwhelming bipartisan majority of 84 senators voting in favor of making him Fed chair.
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Warren is a fan of Lael Brainard, the only Democrat on the Board of Governors, who is considered a frontrunner if President Biden opts not to renominate Powell.
Powell's term ends in February 2022, but the White House has signaled it will make a decision on his renomination by Labor Day.
FOX Business' R.N. White and Megan Henney contributed to this report.