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Sen. Warren Opposes Jerome Powell's Renomination As Federal Reserve Chair; 'I Will Vote Against Him'

WASHINGTON (CBS/CNN) -- Sen. Elizabeth Warren of Massachusetts said Monday that she won't be supporting President Joe Biden's renomination of Jerome Powell - whom she once called a "dangerous man" - as Federal Reserve chair.

Powell's four-year term is up in February, and Biden faced a key decision of whether to keep Powell, who was put in the job by a Republican, in the government's most important economic policy job.

The White House cited Powell's "steady leadership" amid the economic turbulence of the pandemic as a reason for the decision. The Powell-led Fed took a series of unprecedented steps in March and April 2020 that helped ensure the Covid recession did not morph into a full-blown depression.

Powell is supported by Republicans and moderate Democrats but has faced significant opposition from some progressive Democrats, who criticize his track record on financial regulation.

"It's no secret I oppose Chair Jerome Powell's renomination, and I will vote against him," Warren said in a statement. "Powell's failures on regulation, climate, and ethics make the still-vacant position of Vice Chair of Supervision critically important. This position must be filled by a strong regulator with a proven track record of tough and effective enforcement - and it needs to be done quickly."

Warren said at a recent Senate hearing that Powell was a "dangerous man to head up the Fed" and that he has "regularly voted to deregulate Wall Street." She said a Republican majority at the Fed under Powell's leadership could "drive this economy over a financial cliff again."

Warren said she will support Biden's nomination of Lael Brainard, the only Democrat on the Fed's governing body, as vice chair.

(© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. CNN contributed to this report.)

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