Two Democrats Try to Sink Powell’s Renomination Over Reluctance to Use Fed to Fight Climate Change

Federal Reserve Chairman Jerome Powell presents a report to the Senate Banking Committee on Capitol Hill in Washington on Feb. 12, 2020. Yuri Gripas/Reuters

Two Democrat senators have launched a last-minute bid to sink the potential renomination of Federal Reserve Chair Jerome Powell for another term due to the Trump-appointed policymaker’s reluctance to use the central bank’s tools to fight climate change.

Sens. Sheldon Whitehouse (D-R.I.) and Jeff Merkley (D-Ore.) urged President Joe Biden not to reappoint Powell, saying in a joint Nov. 19 statement that the Fed chief “refuses to recognize climate change as an urgent and systemic economic threat“ while criticizing his past statements indicating reluctance for central bank officials to serve as ”climate policymakers.”