Democrats urge Biden to replace Federal Reserve Chair Jerome Powell with someone more aggressive on financial regulation;

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Senator Elizabeth Warren, pressing Federal Reserve Chair Jerome Powell on his record on financial regulation, said she wouldn’t support him for a second term as head of the U.S. central bank.

  • Your record gives me grave concern,” the Massachusetts Democrat said Tuesday during a Senate Banking Committee 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.”
  • Powell’s term expires in February and Bloomberg News has reported that White House aides are considering recommending President Joe Biden keep him on the job.
  • Warren’s remarks echoed previous concerns she has voiced about Powell’s deregulatory efforts as Federal Reserve chair, according to Politico.
  • Powell has garnered support from moderate Democrats as well as some Republicans.
  • Yet more progressive Democrats have urged Biden to replace Powell with someone more aggressive on financial regulation and climate change.

SOURCE: YAHOONEWS

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