Exclusive: Longtime critic Sen. Warren defends Fed in White House attacks

Sen. Elizabeth Warren (D-Mass.) will defend the Federal Reserve in a speech on Wednesday, an unlikely ally for the Fed as it faces unprecedented attacks from the Trump administration.Why it matters: Even one of Fed chair Jerome Powell's toughest, most consistent critics won't back the White House argument.The rare support from the influential lawmaker, who is the top Democrat on the Senate Banking Committee, shows how the party will hit back at White House pressure to oust Powell.What they're saying: "When [Trump's] initial attempts to bully Powell failed, Trump and Republicans in Congress suddenly decided to look into how much the Fed is spending on building renovations," Warren will tell a group of financial policymakers and economists at the Exchequer Club of Washington, D.C.In the remarks — first seen by Axios — Warren acknowledges the topsy-turvy world in which she defends the institution that she has slammed for years. "Independence does not mean impunity and I have long pushed for more transparency and accountability at the Fed. But give me a break," Warren will say in a speech that slams Trump economic policy. "[N]obody is fooled by this pretext to fire Chair Powell. And markets will tank if he does."The big picture: The new attack line among top Trump administration officials and some Republican lawmakers — renovations of the Fed's offices are too costly and over-the-top.President Trump on Tuesday said that the renovations issue could be grounds to fire Powell, a legally dubious move.Flashback: Just a few weeks ago, Warren co-sponsored legislation with Florida Republican Sen. Rick Scott that would force the Fed's watchdog to be Senate-confirmed — a move aimed at stepping up oversight of the central bank.Warren has called Powell a "dangerous man" in her criticism of the Fed's bank regulation policies. She is among the few lawmakers who voted against his confirmation in 2017; she did so again when former President Biden renominated Powell in 2021."Look, I don't think [Powell] should be chairman of the Federal Reserve. I have said it as publicly as I know how to say it. I've said it to everyone," Warren told NBC's "Meet the Press" in 2023.

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