Warren, Brown Criticize Powell’s Approach on Bank Regulation
- Key Democrats express reservation on second term for Fed chief
- Powell has broad support among Biden advisers, people say
Senator Elizabeth Warren
Photographer: Evelyn Hockstein/Reuters/Bloomberg
Senate Banking Chair Sherrod Brown and Senator Elizabeth Warren kept up criticism of Federal Reserve Chairman Jerome Powell over his stance on bank regulation as the Biden administration is turning to the question of whether the central bank chief should be reappointed.
“The chairman of the Federal Reserve has two obligations. One, to lead us in monetary policy, and the second, in regulating the largest financial institutions,” Warren told reporters on Capitol Hill when asked whether President Joe Biden should renominate Powell. “I have asked the chairman repeatedly from the time he was nominated about his views on regulation. I am concerned when I see the rules weakened rather than strengthened.”