Monday’s statement which opposed Powell is part of a mounting effort on the left to urge Biden to reshape the Fed, though the prospect of Powell’s reappointment has split opinion among liberal advocates and lawmakers.
“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 high-profile progressive Democrats said in a joint statement to POLITICO. “We urge the Biden Administration to use this opportunity to appoint a new Federal Reserve Chair.”
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The lawmakers acknowledged that the Fed under Powell “has made positive changes” by steering the central bank toward a greater emphasis on reaching full employment. But they noted they want to see someone at the helm who is more aggressive on financial regulation and climate change.
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“Under his leadership, the Federal Reserve has taken very little action to mitigate the risk climate change poses to our financial system,” insisted Ocasio-Cortez (N.Y.), Tlaib (Mich.) and Pressley (Mass.), all of whom sit on the House Financial Services Committee. Reps. Chuy García (D-Ill.), another committee member, and Mondaire Jones (D-N.Y.) also signed on.
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“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,” they said.
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They also cited moves by the Fed under Powell to reduce regulations on big banks, such as giving them more leeway to make risky trades and more advanced information about tests that examine if they could withstand another major economic downturn.
“Weakening financial regulations that were specifically created to prevent such a disaster from happening again risks the livelihoods of Americans across the country,” the lawmakers agreed. “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.” Few Democratic lawmakers have actively opposed Powell, although Sens. Sherrod Brown of Ohio and Elizabeth Warren of Massachusetts are among those who have also criticized his deregulatory efforts over the past few years.
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Still, Powell — who was first nominated to the Fed board by President Barack Obama in 2012 before being elevated to chair under Trump — has garnered broad bipartisan praise from Republicans such as Sen. Steve Daines of Montana and Rep. Patrick McHenry of North Carolina and Democrats including Sens. Dick Durbin of Illinois and Richard Blumenthal of Connecticut.
Powell's term as chair will come to an end in February and Biden is expected to make his decision as early as next month.
Ocasio-Cortez, Tlaib and Pressley didn't cite any particular alternative to Powell.
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