Biden’s Choice on Powell Means Heeding Yellen or Warren
- Massachusetts senator calls Fed chair ‘dangerous’ in hearing
- Powell backed by several moderate Democrats, many Republicans
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President Joe Biden’s decision on who will lead the Federal Reserve has boiled down to a choice between heeding the advice of his Treasury secretary, Janet Yellen, or the warnings of a progressive leader who ran against him in 2020, Massachusetts Senator Elizabeth Warren.
Warren broke months of silence on whether she’d support a second term for Powell on Tuesday, declaring in a Banking Committee hearing where he testified that she would oppose him and vilifying him as a “dangerous man.” While Biden could likely win Powell’s confirmation over her objections, Warren’s comments put the president on the defensive as he considers one of his most consequential nominations.