In a joint statement, progressive “squad” members are demanding President Biden replace Powell with a federal reserve chair more focused on climate change.
“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,” AOC, Pressley, Tlaib and 2 other Democrats said in a statement. “We urge the Biden Administration to use this opportunity to appoint a new Federal Reserve Chair.”
“Under his leadership, the Federal Reserve has taken very little action to mitigate the risk climate change poses to our financial system,” they continue.
“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 group adds.
“Weakening financial regulations that were specifically created to prevent such a disaster from happening again risks the livelihoods of Americans across the country,” the progressive Democrats also insisted. “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.”