Senate Democrats Go Full SJW On Federal Reserve
The Federal Reserve, of the Fed for short, has had a very sordid history to put it very diplomatically. From its use by Woodrow Wilson to fund America’s intervention during the First World War against Wilson’s re-election promises to being the primary instrument behind the bubbles that gave the world the Great Depression as well as the 2008 Financial Crisis, the Fed is no stranger to economic shenanigans. But in the politically correct third decade of the third millennium, the Fed Chair appears to have his position threatened for the silliest of reasons.
According to The Epoch Times, two Democrat Senators, namely Sheldon Whitehouse of Rhode Island and Jeff Merkley of Oregon implored Joe Biden against re-instating Jerome Powell, Chairman of the Fed, to another term in that position. Considering that Powell was appointed by 45th President Donald Trump, this appears to be par for the course. However, the main reason behind this move by Whitehouse and Merkley appears to be Powell’s refusal to use the powers of the Fed to actively combat climate change.
Indeed, in their joint statement made to the Biden regime on the 19th of November, the two Democrat Senators pushed for a refusal to re-appoint Powell because he “refuses to recognize climate change as an urgent and systemic economic threat” and proceeded to chastize Powell’s past statements that point towards a reservation with regards to serve as “climate policymakers”, because apparently the power to control the money supply should also be placed on the altar of political correctness.
“During his tenure, Chair Powell first ignored climate change and then resisted calls for the Fed to use its tools to fight it, arguing that climate change ‘is really an issue that is assigned to lots of other government agencies, not so much the Fed.’ At a hearing earlier this year, he said: ‘we are not and we don’t seek to be climate policymakers,'” the two senators wrote.
Merkley took this issue to Twitter, adding that “We need a Fed Chair who recognizes the urgent need for bold climate action. That person is not Jerome Powell.”
This issue was brought towards the forefront due to Biden’s impending decision to appoint someone to a new four-year term as Fed Chair. Last week, Biden met with Powell as well as Lael Brainerd, who so happens to be the only Democrat currently staffing the seven-member board, which might explain this seemingly random outburst by the two Democrat Senators.