Providence, RI – Senator Sheldon Whitehouse (D-RI) released the following statement on President Biden’s selection today of Jerome Powell and Lael Brainard to be the Federal Reserve’s Chair and Vice Chair respectively.
“The Federal Reserve faces the colossal task of guarding our financial system and economy from the systemic financial and economic risks posed by climate change. Myriad financial experts warn that the economic losses stemming from climate change could dwarf the losses of the housing crisis and Great Recession. Jerome Powell has consistently refused to take climate-related financial and economic risks seriously, which is why I’m disappointed in the president’s choice. Our Fed Chair must devote immediate and thorough attention to the climate threat before it is too late. I sincerely hope that, if confirmed, Powell will reassess his past opposition to utilizing the Fed’s regulatory tools to minimize climate-related risks to the financial sector, and follow the prudent path blazed by the Bank of England and other leading central banks.
“I applaud the selection of Lael Brainard as Vice Chair. She clearly recognizes the gravity of the climate-related financial and economic risks facing our nation and will push the Fed to fully utilize its regulatory authorities in this space.”
Rich Davidson (202) 228-6291 (press office)
