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Sen. Elizabeth Warren charged Tuesday that Federal Reserve Chairman Jerome Powell has led an effort to weaken the nation’s banking system, and she vowed to oppose his renomination.

In remarks made during a hearing before the Senate Banking Committee, the Massachusetts Democrat cited several instances where she said the Powell Fed has watered down post-financial crisis bank regulations.

“Your record gives me grave concerns. Over and over, you have acted to make our banking system less safe, and that makes you a dangerous man to head up the Fed, and it’s why I will oppose your renomination,” Warren said.

Powell did not respond to Warren’s comment that she will oppose him.

Warren said deregulatory moves could cause another calamity the likes of which the U.S. saw during the 2008-09 breakdown of Wall Street institutions.

She called Powell “lucky” that banks thus far have been able to avoid major problems, citing the Archegos Capital Management collapse and the banking industry’s collective need for Fed assistance during the coronavirus pandemic as dangers to the system exacerbated by deregulatory moves.

“So far you’ve been lucky. But the 2008 crash shows what happens when the luck runs out,” she said. “The seeds of the 2008 crash were planted years in advance by major regulators like the Federal Reserve that refused to rein in big banks. I came to Washington after the 2008 crash to make sure nothing like that would ever happen again.”

Powell has served since 2018 and his term expires in February. Wall Street widely expects President Joe Biden to renominate Powell, though Warren and other more liberal senators are likely to provide some resistance.

Even if he does seek to give Powell another term, Biden will have a chance to remake the Fed.

Randal Quarles, the current vice chair in charge of supervision, will see his term expire in October, and current Fed Governor Lael Brainard, who favors a stronger regulatory hand, has been given frequent mention as a potential replacement.

Vice Chairman Richard Clarida will see his time on the Federal Reserve Board of Governors expire in January, and there remains another vacancy on the board.

Sen. Robert Menendez, D-N.J., grilled Powell during the hearing on the lack of diversity at the central bank. Biden will face pressure to provide a diverse set of nominees for the Fed vacancies.

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Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell speak Tuesday to the Senate Committee on Banking, Housing and Urban Affairs on efforts their respective institutions have taken to combat the pandemic’s impact on the economy.

In prepared remarks for the congressionally mandated testimony, Powell noted the importance of the joint aid, saying the Fed’s lending programs specifically “have served as a backstop to key credit markets and helped to restore the flow of credit from private lenders through normal channels.”

Separately, Yellen said she is “optimistic about the medium-term trajectory of our economy,” though she, like Powell, noted that the Covid delta variant has slowed the recovery.

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Boston Federal Reserve President Eric Rosengren announced Monday he is stepping down from his position on Thursday retiring nine months earlier than he had planned, citing health concerns.

In his announcement, which came weeks after an uproar over his trading in individual stocks in 2020, Rosengren revealed that he has been on a kidney transplant list since June 2020.

Rosengren, 64, has been at the Boston Fed since 1985 and has served as president since July 2007. He had planned to retire next June.

A release from his office said Rosengren’s doctor told him changes in his lifestyle might reduce the need for dialysis.

“It has been an honor to serve at the Federal Reserve System, in a job where one can be constantly engaged in pursuing the economic and financial well-being of the country and New England,” he said in a statement. “I know that my colleagues will build on our progress, and continue making a difference for the public we serve.”

The Fed has come under criticism in recent weeks following revelations that several of its officials had owned and been trading individual stocks, a potential conflict with the Fed’s role in the financial markets.

Rosengren and Dallas Fed President Robert Kaplan were most prominent in the controversy, and both subsequently promised to sell all their individual stock holdings. The Fed has pledged to tighten its rules around what assets its officials can own.

There was no mention of the issue in the statement announcing the retirement. The statement noted that Rosengren “hopes to improve his health condition and eventually be able to explore areas of professional interest and contribution, in the future.”

The Boston Fed has taken the lead role in the study of a potential central bank digital currency that would resemble other cryptocurrencies like bitcoin but be tied to the dollar and provide another payments avenue for Americans.

Fed Chairman Jerome Powell praised Rosengren’s work at the Fed, which also included managing the Main Street Lending Program implemented during the Covid pandemic.

“Eric has distinguished himself time and again during more than three decades of dedicated public service in the Federal Reserve System,” Powell said in a statement. “In addition to his monetary policy insights, Eric brought a relentless focus on how best to ensure the stability of the financial system. My colleagues and I will miss him.”

Kenneth C. Montgomery will serve as interim president and CEO at the Boston Fed. A search committee will determine the permanent successor, though the release announcing Rosengren’s retirement noted that preparations already had been underway for a change in leadership given that he would have faced mandatory retirement next year.