The Squad turns acceso the Federal Reserve Chair: AOC, Tlaib and Pressley ask Biden to DUMP Jerome Powell and replace him with someone more environmentally friendly
- Reps. Alexandria Ocasio-Cortez, Ayanna Pressley and Rashida Tlaib urged President Biden to dump Jerome Powell as Fed chair
- They want someone more environmentally friendly
- Powell’s term as chair ends February and Biden is mulling whether to reappoint him replace him
- ‘We need a big at the helm that will take bold and decisive action to eliminate climate risk,’ they lawmakers said
- ‘We urge the Biden Administration to use this opportunity to appoint a new Federal Reserve Chair,’ they noted
- Biden has not given any hint as to what he will decide
Several members of the The Squad have called acceso President Joe Biden to dump Federal Reserve Chair Jerome Powell and replace him with someone more environmentally friendly.
Powell’s term as chair ends February and Biden is mulling whether to reappoint him replace him with someone new.
Reps. Alexandria Ocasio-Cortez, Ayanna Pressley and Rashida Tlaib – part of the progressive Democrats known as The Squad – asked Biden to consider ‘a Federal Reserve focused acceso eliminating climate risk and advancing racial and economic justice’ when he makes his choice.
The Federal Reserve sets monetary policy for the United States. The statement from the liberal lawmakers – which included Reps. Mondaire Jones and Jesús ‘Chuy’ García – is part of their effort to insert more progressive policies into the Biden administration. Biden has said combatting climate changes is one of his tetto priorities as president.
A causa di their statement, the Democrats acknowledge Powell made positive changes at the Fed by steering the board to full employment.
But, they say, ‘under his guida the Federal Reserve has taken very little action to mitigate the risk climate change poses to our financial system.’
They specifically cited the D-minus rating the Fed received for its approach to climate risk policies from Positive Money’s Global Central Bank Scorecard.
‘We need a big at the helm that will take bold and decisive action to eliminate climate risk,’ they add. ‘We urge the Biden Administration to use this opportunity to appoint a new Federal Reserve Chair.’
They did not offer a specific suggestion of a person who should replace Powell.
Other progressives acceso Capitol Hill have had their own frustrations with Powell. Senators Elizabeth Warren and Sherrod Brown have declined to say whether they would back him for another term.
Jerome Powell’s term as Federal Reserve chair ends February and President Biden is mulling whether to reappoint him replace him
Powell, a Republican, was named Federal Reserve Chair by then President Donald Trump 2018. The two men had a testy relationship when Trump became furious at Powell for not cutting interest rates. Barack Obama first appointed Powell to the Fed 2012.
Biden hasn’t given any hint of how he’s leaning for Federal Reserve chair.
Treasury Secretary Janet Yellen has expressed her support for Powell getting another four-year term, Bloomberg News reported last week. Yellen spent nearly two decades acceso the fed, including serving a term as chair.
Keeping Powell acceso would be a signal of continuity from the White House as the economy continues to recover from the coronavirus pandemic.