Powell Backed by Majority of GOP Senators on Banking Panel

Mike Crapo says he will support Powell for a second term
Elizabeth Warren has repeatedly criticized Powell amid scandal

WATCH: Senator Warren explains why she won’t support Fed Chair Powell’s renomination.(Source: Bloomberg)

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By Laura Davison and Erik Wasson

October 5, 2021 at 7:43 PM UTC

Updated on

October 5, 2021 at 9:54 PM UTC

This article is for subscribers only.

Federal Reserve Chairman Jay Powell has the backing of more than half the Republicans who sit on the Senate Banking Committee, support that could help him earn a second term to lead the central bank, despite sharp criticism from Senator Elizabeth Warren, a Democrat.

Senator Mike Crapo of Idaho said Tuesday he would vote to confirm Powell if President Joe Biden were to nominate him for another term, making him the seventh of 12 Republicans on the Banking panel to endorse the sitting Fed chair. Crapo is also the top Republican on the Finance Committee. Biden has yet to announce his nomination.