Rep. Alexandria Ocasio-Cortez
Alexandria Ocasio-CortezEviction puts new pressure on Congress over money: Progressives engage in autumn struggle with Biden budget plan centrists Progressives engage in autumn struggle with centrists MORE (DN.Y.), Rashida Tlaib
Rashida Harbi Tlaib: Progressives face fall struggle with centrists Progressives change strategy after high-profile losses House Democrats demand details after border patrol agents accuse of profiling Latinos in Michigan MORE (D-Mich.) I Ayanna Pressley
Ayanna Pressley: The sentencing ruling puts new pressure on members of the Congressional House to urge the FDA to remove the face-to-face medication requirement for abortion. (D-Mass.) They’re instant President Biden
Joe BidenUS evacuates all Afghan embassy staff: Biden report visits FEMA headquarters as Ida points to New Orleans Romney: Afghanistan crisis is blamed on Biden and Trump administrations MORE to replace Federal Reserve Chairman Jerome Powell as his term ends.
The trio of progressive Democrats issued a statement on Monday asking Biden to “reimagine” a central bank that “focuses on eliminating climate risk and advancing racial and economic justice.”
Lawmakers said that while the central bank has “made positive changes in its approach to full employment reflected in the new monetary policy framework, his “concerns” with “Powell’s history are twofold.”
They specifically discussed what they saw as the small action their Federal Reserve has taken to “mitigate the risk that climate change poses to our financial system,” citing the D-minus rating it received for its approach. of Positive Money Climate Risk Policies World Central Bank Scoreboard.
That degree, according to lawmakers, placed the Federal Reserve “at the end of the G20’s central banks.”
“At a time when the Intergovernmental Panel on Climate Change warns of possible catastrophic and irreversible damage caused by climate change, we need a leader at the helm who will take bold and decisive action to eliminate climate risk,” they wrote.
They also claimed that the Federal Reserve under Powell’s leadership has “substantially weakened many of the reforms enacted in the wake of the Great Recession that regulates larger banks, including capital and liquidity requirements, stress testing, the Volcker Rule and living will requirements. “
Lawmakers said withdrawing regulations that were put in place to prevent a disaster like the 2008 financial crisis from happening again “risks the odds of Americans across the country.”
“To move forward with a whole government approach that eliminates climate risk while making our financial system safer, we need a chair that is committed to those goals,” they wrote.
“We urge the Biden Administration to take this opportunity to appoint a new Federal Reserve chairman,” they added.
The trio said Biden’s “consistent appointment” to the Fed presidency “has the potential to redo the composition of the Board of Governors.”
Some lawmakers and officials have joined the conversation about Powell’s future as February approaches, and have expressed their views on what Biden should do about the head of the central bank as the country is still recovering. of the difficulties faced in the midst of the pandemic.
Powell, a Republican, was elevated to his position by an ex President Trump
Donald TrumpHouse court discusses fight for Trump’s executive privilege on Jan. 6 Romney: Afghanistan crisis is blamed on both Biden, Trump administrations Biden allies say media don’t have the brand in Afghanistan MORE in 2018. Old President Obama
Barack Hussein ObamaBiden continues Trump’s flirtation with Blue Origin’s complacency Jeff Bezos against NASA and SpaceX., however, first appointed him to the Fed in 2012.
The president of the Federal Reserve is serving four-year terms.
Minister of Finance Janet Yellen
Janet Louise Yellen: Larry Summers compares Fed policy with Vietnam, the wars in Afghanistan. Biden still has a huge decision to make, apart from COVID and Afghanistan. Approximately 90% of the federal rent aid has not yet been used: Hacienda MÉS according to reports, Bloomberg reported earlier this month citing several people with knowledge of the situation.
Senator Steven Daines (R-Mont.) Has also given his support behind Powell by landing another term, asking Biden in a letter to rename him the job.
Progressives, however, are divided when it comes to Powell’s new appointment.
Some lawmakers, economists and activists argue that the Fed should continue its push for an employment-focused central bank.the Liberals argue that Powell undermined the economy by reducing the key safeguards implemented by the Dodd-Frank Wall Street Reform Act.
Chairman of the Senate Banking Committee Sherrod Brown
Sherrod Campbell Brown’s ruling on the condemnation puts new pressure on Congress over money: Progressives engage in autumn fight with centrists for Biden budget plan New Fed appointment divides progressives MORE (D-Ohio) and Sen. Elizabeth Warren
Elizabeth Warren’s debate on crypto will return strongly Newsom recalls that it launched an unprecedented participation campaign. Biden faces another huge decision apart from COVID and Afghanistan MORE (D-Mass.) Both have criticized Powell for his support of weakening banking rules.
Both, however, have not yet said whether they will support his nomination.
Politician first reported on the statement of Ocasio-Cortez, Tlaib and Pressley.