Fed: two Democratic senators urge Biden not to rename Powell

Two progressive Democratic senators from the United States said they oppose a reappointment of Federal Reserve Chairman Jerome Powell, joining Elizabeth Warren in calling for President Joe Biden to elect someone else.

Jeff Merkley from Oregon and Sheldon Whitehouse Rhode Island officials said in a statement issued early Friday that Powell lacks a strong commitment to addressing the growing risks of climate change. Warren, from Massachusetts, has been outspoken in opposition to Powell.

The contingent of Liberal Democrats is still too small to thwart a nomination if Biden elects Powell, given the substantial Republican support for him.

The White House says Biden will announce his candidate to head the United States Central Bank before the Thanksgiving holiday on November 25. You are choosing between Powell and Fed Governor Lael Brainard, who is more liberal on climate and other issues.

Merkley told Bloomberg on Thursday that he would prefer that Biden nominate Brainard to the Fed’s top job. Whitehouse said in an interview earlier this week that he preferred Brainard’s views on climate. But none mentioned her in their statement. Warren has not publicly said who he wants in office other than Powell.

“President Biden should appoint a Fed Chairman who will ensure that the Fed fulfills its mandate to safeguard our financial system and shares the Administration’s view that fighting climate change is the responsibility of all policy makers.”The statement said. “That person is not Jerome Powell”.

The two added that Powell “refuses to acknowledge”The threat posed by growing carbon emissions to the US economy, risks reflected in more severe weather events and natural disasters.

In September, Warren became the first Democrat to oppose Powell for another term as Fed chairman, calling him “a dangerous man”Because it was making it too easy for the big banks to take big risks.