US Representatives Alexandria Ocasio-Cortez, Rashida Tlaib, Ayanna Pressley, Mondaire Jones and Jesús G. “Chuy” García are urging President Biden to appoint a new Federal Reserve Chair rather than reappoint Jerome Powell.
“As news of the possible reappointment of Federal Reserve Chair Jerome Powell circulates, we urge President Biden to re-imagine a Federal Reserve focused on eliminating climate risk and advancing racial and economic justice,” they said in a statement.
The appointment has the potential to remake the composition of the Board of Governors according to the representatives.
“While the Federal Reserve has made positive changes to its approach to full employment reflected in the new monetary policy framework,” they said.
Fed Chair Chair Powell has taken minimal action to mitigate the risk climate change poses to our financial system, illustrated by the Federal Reserve D- rating for its approach to climate risk policies from Positive Money’s Global Central Bank Scorecard the statement said.
It comes in at the bottom of the G20 Central Banks.
“At a time when the Intergovernmental Panel on Climate Change is warning of the potential catastrophic and irreversible damage inflicted by a changing climate, we need a leader at the helm that will take bold and decisive action to eliminate climate risk.” the Representatives said.
They also said that Powell’s leadership with the Federal Reserve has substantially weakened many of the reforms enacted in the wake of the Great Recession regulating the largest banks.
Millions of Americans who lost their homes and jobs have failed to fully recover from the 2008-financial crisis according to the representatives.
“Weakening financial regulations that were specifically created to prevent such a disaster from happening again, risks the livelihoods of Americans across the country. To move forward with a whole of government approach that eliminates climate risk while making our financial system safer, we need a Chair who is committed to these objectives.
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