Elizabeth Warren Will Vote Against Powell’s Second Term, But Backs Brainard
(Bloomberg) -- Senator Elizabeth Warren said she’ll vote against Jerome Powell’s re-appointment to chair the Federal Reserve, but that she’ll support Lael Brainard, whom President Joe Biden nominated for the central bank’s No. 2 slot.
“It’s no secret I oppose Chair Jerome Powell’s renomination, and I will vote against him. I will support the president’s nomination of Lael Brainard as Vice Chair,” the Massachusetts Democrat said in a statement Monday.
She signaled that she’ll closely scrutinize a Fed appointment Biden has yet to make -- vice chair of supervision.
“Powell’s failures on regulation, climate, and ethics make the still-vacant position of vice chair of supervision critically important. This position must be filled by a strong regulator with a proven track record of tough and effective enforcement - and it needs to be done quickly,” she said.
Warren in a September Senate Banking Committee hearing called Powell a “dangerous man” and first announced her opposition to him receiving another term at the Fed. Despite Warren’s opposition, Powell is expected to easily be re-confirmed in the Senate because he has support from several Republicans.
Democratic Senators Sheldon Whitehouse of Rhode Island and Jeff Merkley of Oregon joined Warren in saying they would vote against Powell. Both senators cited Powell’s shortcomings addressing climate change-related financial risks as the reason they would not back Biden’s pick.
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