Two Democratic senators oppose Powell as Fed chair

Chairman Jerome Powell – photo: Federal Reserve

WASHINGTON (AP) — Two Senate Democrats will oppose the reappointment of Jerome Powell as chair of the Federal Reserve, as President Joe Biden is expected to announce within days who he will pick for the nation’s most powerful economic position.

Sens. Sheldon Whitehouse from Rhode Island and Jeff Merkley from Oregon said Friday that Powell has been insufficiently committed to combatting climate change, an issue that central banks around the world are increasingly confronting.

Whitehouse and Merkley join Sen. Elizabeth Warren in opposition.

Warren has called Powell “a dangerous man” to lead the Fed because of his support for loosening some bank regulations.