All the recent money creation from the Federal Reserve wasn’t enough, according to a few American bureaucrats, as three politicians from the House Financial Services Committee are urging U.S. president Biden to replace Fed chairman Jerome Powell with someone who will address “climate risk.”
AOC, Tlaib, Pressley: ‘Climate Change Is a Warning of the Potential Catastrophic and Irreversible Damage’
According to three U.S. representatives Alexandria Ocasio-Cortez (AOC), Rashida Tlaib, and Ayanna Pressley the Federal Reserve leadership is lacking. Despite the massive amounts of quantitative easing (QE) tactics and a benchmark rate suppressed at zero, the three politicians who are members of the House Financial Services Committee want more.
Speaking with Politico, the representatives otherwise known as the “Squad” explained new leadership is needed in regard to the Federal Reserve. There is no doubt that the Fed’s monetary increase in 2020 eclipsed two centuries of USD creation and this monetary easing has continued into 2021.
AOC, Tlaib, and Pressley believe that it’s just not enough. “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 of politicians told Politico. The progressive Democrat AOC further said of Jerome Powell:
Under his leadership, the Federal Reserve has taken very little action to mitigate the risk climate change poses to our financial system.
AOC, Tlaib, Pressley: ‘We Need a Fed Chair Who Is Committed to These Objectives’
Meanwhile, trillions of dollars later and a massive push toward getting people to vaccinate, Covid-19 is far from being eliminated and it’s highly probable it never will be removed from society. Using stimulus, however, to address climate change is also very important the three politicians stressed in their statements.
“Weakening financial regulations that were specifically created to prevent such a disaster from happening again risks the livelihoods of Americans across the country,” AOC, Tlaib, and Pressley state. “To move forward with a whole of government approach that eliminates climate risk while making our financial system safer, we need a [Fed chair] who is committed to these objectives.”
What do you think about the politicians AOC, Tlaib, and Pressley urging Biden to get new leadership for the Federal Reserve? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.