Sen. Elizabeth Warren (D-Mass.) on Tuesday pressed for President-elect Joe Biden to take executive action to cancel student loan debt during an exchange with Federal Reserve Chairman Jay Powell at a Senate hearing.

"All on his own, President-elect Biden will have the ability to administratively cancel billions of dollars in student loan debt using the authority that Congress has already given to the secretary of Education," Warren said during a Senate Banking Committee hearing. "This is the single most effective economic stimulus that is available through executive action."

Warren has long supported student debt cancellation, and her comments come amid a debate over whether Biden should act unilaterally to do so.