AOC, Tlaib, Pressley call on Biden to dump Powell as Fed chair

[brooklynite]

Politico

Reps. Alexandria Ocasio-Cortez, Rashida Tlaib and Ayanna Pressley on Monday called for Federal Reserve Chair Jerome Powell to be replaced, stepping up the pressure on President Joe Biden as he draws closer to a decision on the government’s most important economic post.

The statement opposing Powell by the high-profile progressive Democrats 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 lawmakers said in a joint statement to POLITICO. “We urge the Biden Administration to use this opportunity to appoint a new Federal Reserve Chair.”

They 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 said they want to see someone at the helm who is more aggressive on financial regulation and climate change.

[TreasonousBastard]

1. Climate change and racial justice are not what the Fed is for.

[betsuni]

2. How does anyone not know this?

[TreasonousBastard]

4. Especially congresswomen.

[WhiskeyGrinder]

6. That's what Pat Toomey says.

https://www.americanbanker.com/news/feds-focus-on-racial-justice-is-political-advocacy-gop-senator-says

WASHINGTON — The top Republican on the Senate Banking Committee is slamming three Federal Reserve banks for their work to examine the role racism plays in the economy.

In letters to the Fed regional bank presidents in Atlanta, Boston and Minneapolis, Sen. Pat Toomey, R-Pa., argued that a focus on racial justice is outside of the Fed’s scope. He took particular issue with a series of events hosted by the regional banks to discuss, among other issues, how discrimination and racial bias persist in the job market, housing system and the economics field.

“I recognize the interest in studying economic disparities along demographic lines, such as race and gender,” Toomey said in a May 23 letter to Minneapolis Fed President Neel Kashkari. “However, this subject matter is fraught with ideological assumptions and interpretations, and the work and analysis of the Minneapolis Fed seems heavily laden with political and value judgments."

[brooklynite]

8. " Sanders Supports Audit the Fed Bill"

“Too much of the Fed’s business is conducted in secret, known only to the bankers on its various boards and committees. In 2010, I inserted an amendment in Dodd-Frank to audit the emergency lending by the Federal Reserve during the financial crisis. As a result of this audit, we learned that an institution that was created to serve all Americans had been hijacked by the very bankers it regulates.

We must expand on that first review of the Fed’s activities. Requiring the Government Accountability Office to conduct a full and independent audit of the Fed each and every year, would be an important step towards making the Federal Reserve a more democratic institution that is responsive to the needs of ordinary Americans rather than the billionaires on Wall Street.”

https://www.sanders.senate.gov/press-releases/sanders-supports-audit-the-fed-bill/

The Fed has been another left-wing target for years.

[JohnSJ]

3. That is the best reason why Powell should be kept, and I believe he will be. That they

want the Federal Reserve to be concerned with issues outside of their purpose does not speak highly of this representatives.

The federal reserve uses money supply and other tools to make the national economy and financial system safer and more stable.

These specific lawmakers make Democrats look like fools with statements like this.

Fortunately, Biden and his advisers I believe will NOT heed their advice

[DanieRains]

5. Mitigating Climate Chane Is Everyone's Job

Not using QE to keep billionaires rich.

[WhiskeyGrinder]

7. There's a new Fed committee that focuses on the economic effects of the climate crisis, and the

Fed is engaged in examining how its work has propagated racist outcomes as well. Having someone informed about that work and centering it in the Fed's actions would certainly be transformational.

[LetMyPeopleVote]

9. This move makes no sense

[NurseJackie]

10. Nancy needs to take them aside and explain how things work.

[Thrill]

11. Hopefully he ignores them. I think Powell has done a great job

Just what he needs, the stock market dropping like the titanic, while all this other shit is going on

[tirebiter]

12. Powell is good at dealing with inflation

Trump used his skills to make the inflation caused by giving away free money to the rich. Biden kept him so he could do the same for the costs of govt money’s being use to build back better. The question is not what the the squad thinks but what can Janet Yellen work with?