Dissenting with her party’s leadership progressive senator Elizabeth Warren announced her opposition to the renomination of Jerome Powell on Monday as Chair of the Federal Reserve Board citing his failures on “regulation, climate and ethics.”
“American tax-payers have bailed out large financial institutions enough times,” said Warren in a statement. “It is the job of the Federal Reserve to ensure that large financial institutions do not put our economy at risk.”
Warren, currently senator for Massachussets, is seen as one of the leading lights of the Democratic Party’s progressive arm. Here statement marked a sharp divide with the Democratic Party leadership which sees Powell’s appointment favorably.
“Chairman Powell has brought steady leadership and sound judgment to the Federal Reserve’s mission of promoting maximum employment, stable prices and a sound financial system, especially during a time of unprecedented crisis,” said House Speaker, Democrat Nancy Pelosi of California.
Outside of politics, Wall Street in general responded favorably to Powell’s appointment, which comes as the Federal Reserve faces a serious challenge from record inflation.