All of the recent Federal Reserve money creation has not been enough, according to some US bureaucrats, as three House Financial Services Committee politicians urge US President Biden to replace Fed Chairman Jerome Powell with someone to deal with “climate risk.” . ”
AOC, Tlaib, Pressley: “Climate change is a warning of potential catastrophic and irreversible damage”
According to the three US representatives Alexandria Ocasio-Cortez (AOC), Rashida Tlaib and Ayanna Pressley, the leadership of the Federal Reserve is missing. Despite massive quantitative easing (QE) tactics and a rate cut to zero, the three politicians who are members of the House of Representatives Financial Services Committee want more.
Speaking to Politico, the representatives, also known as the “Squad”, said that new leadership is needed on the Federal Reserve. There is no doubt that the Fed’s 2020 monetary hike dwarfed two centuries of USD creation, and that monetary easing continued through 2021.
AOC, Tlaib, and Pressley believe that it just isn’t enough. “At a time when the Intergovernmental Panel on Climate Change is warning of the potential catastrophic and irreversible damage of a changing climate, we need a leader who takes courageous and determined action to eradicate climate risk,” said Politico. The progressive Democrat AOC went on to say of Jerome Powell:
Under his leadership, the Federal Reserve has taken very little action to mitigate the risk of climate change to our financial system.
AOC, Tlaib, Pressley: “We need a Fed chairman who is committed to these goals”
The three members of the House Financial Services Committee are known for advancing concepts such as Modern Monetary Theory (MMT) and Universal Basic Income (UBI). The three bureaucrats insist that a new Fed chairman is needed to “eliminate” climate risk.
Meanwhile, trillions of dollars later and massive pressure to get people to vaccinate, Covid-19 is far from being eliminated and it is very likely that it will never be removed from society. The three politicians emphasized in their statements that it is also very important to provide impetus to counter climate change.
“The weakening of financial regulations, specifically designed to prevent such a disaster from happening again, is putting the livelihoods of Americans across the country at risk,” say AOC, Tlaib and Pressley. “To move forward with a nationwide approach that eliminates climate risk while also making our financial system more secure, we need one [Fed chair] who is committed to these goals. “
However, the AOC, Tlaib and Pressley did not discuss that Americans are dissatisfied with rising inflation and how monetary easing may have caused another massive bubble. In fact, the three bureaucrats are a minority as most politicians are satisfied with Jerome Powell’s decisions regarding the US economy. Many analysts and economists are fairly certain that the monetary stimulus of the past 18 months has pleased Wall Street and the stock market.
What do you think of politicians pushing AOC, Tlaib and Pressley Biden to get new leadership for the Federal Reserve? Let us know what you think on this matter in the comments below.
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