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Democratic lawmakers want the Federal Reserve to focus on climate change as well as ‘racial and economic justice’

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Several Democratic lawmakers are calling for President Joe Biden to appoint a new Federal Reserve chair instead of keeping Jerome Powell in the role.

Reps. Alexandria Ocasio-Cortez of New York, Rashida Tlaib of Michigan, and Ayanna Pressley of Massachusetts envision a central bank that is focused on issues such as climate change, and “social and economic justice.”

“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,” the legislators said in a joint statement to Politico. “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,” the trio of lawmakers said.

Congressmen Chuy García of Illinois and Mondaire Jones of New York also signed on to the statement, according to the outlet.

“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 lawmakers declared.

Powell was nominated to the Federal Reserve board by Democratic President Barack Obama in 2012, according to Politico. He was nominated by President Donald Trump in 2017 to serve as Fed chair, confirmed by the Senate in January 2018, and in February 2018 Powell was sworn in, according to Ballotpedia.

Powell’s term concludes in February and the president is expected to make his choice as soon as next month, according to Politico.

“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,” the lawmakers said.

*Basements of homes flooded for the 3rd or 4th time in 2 months

*Massive power outages that are lasting days while… https://t.co/xg4QXmDFPQ

— Rashida Tlaib (@Rashida Tlaib)1630357359.0

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