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Representatives Alexandria Ocasio-Cortez (DN.Y.), Rashida Tlaib (D-Mich.) And Ayanna Pressley (D-Mass.) Call on President Biden to replace Federal Reserve Chairman Jerome Powell with someone more focused on “eliminating climate risk and advancing racial and economic justice,” according to a joint statement reported by Politico.
Driving the news: Powell’s term will end in early 2022, although some economists have said Biden will likely rename him.
What they say : Although progressive lawmakers acknowledged that the Fed had “made positive changes” under Powell, they pushed Biden to appoint someone more aggressive on financial regulation and climate change.
- “Under his leadership, the Federal Reserve has taken very little action to mitigate the risk climate change poses to our financial system,” lawmakers, all of whom sit on the House Financial Services Committee, said in the statement.
- “At a time when the Intergovernmental Panel on Climate Change warns of the potential catastrophic and irreversible damage inflicted by climate change, we need a leader at the helm who will take bold and decisive action to eliminate climate risk, ”they added.
- The statement criticized the Fed’s decision to cut regulations on big banks under Powell. “To move forward with a whole-of-government approach that eliminates climate risk while making our financial system more secure, we need a chair that is committed to these goals.
- Representatives Chuy García (D-Ill.) And Mondaire Jones (DN.Y.) also signed.
To note: Few Democratic lawmakers have publicly opposed Powell, but some, including Senators Sherrod Brown (Ohio) and Elizabeth Warren (Mass.), Have also denounced him for his deregulation efforts, Politico noted.
Go further: The growing push for a green Fed
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