According to three U.S. representatives Alexandria Ocasio-Cortez (AOC), Rashida Tlaib, and Ayanna Pressley the Federal Reserve leadership is lacking. Despite the massive amounts of quantitative easing (QE) tactics and a benchmark rate suppressed at zero, the three politicians who are members of the House Financial Services Committee want more.
Speaking with Politico, the representatives otherwise known as the “Squad” explained new leadership is needed in regard to the Federal Reserve. There is no doubt that the Fed’s monetary increase in 2020 eclipsed two centuries of USD creation and this monetary easing has continued into 2021.
AOC, Tlaib, and Pressley believe that it’s just not enough. “At a time when the Intergovernmental Panel on Climate Change is warning of the potential catastrophic and irreversible damage inflicted by a changing climate, we need a leader at the helm that will take bold and decisive action to eliminate climate risk,” the group of politicians told Politico. The progressive Democrat AOC further said of Jerome Powell:
Under his leadership, the Federal Reserve has taken very little action to mitigate the risk climate change poses to our financial system.
The three members of the House Financial Services Committee are well known for pushing concepts like Modern Monetary Theory (MMT) and Universal Basic Income (UBI). The three bureaucrats insist that a new Fed chair is needed to “eliminate” climate risk.
Meanwhile, trillions of dollars later and a massive push toward getting people to vaccinate, Covid-19 is far from being eliminated and it’s highly probable it never will be removed from society. Using stimulus, however, to address climate change is also very important the three politicians stressed in their statements.
“Weakening financial regulations that were specifically created to prevent such a disaster from happening again risks the livelihoods of Americans across the country,” AOC, Tlaib, and Pressley state. “To move forward with a whole of government approach that eliminates climate risk while making our financial system safer, we need a [Fed chair] who is committed to these objectives.”
AOC, Tlaib, and Pressley did not however discuss how Americans are not pleased with rising inflation and how the monetary easing may have caused another massive bubble. In fact, the three bureaucrats are a minority as most politicians are pleased with Jerome Powell’s decision-making in regards to the U.S. economy. Many analysts and economists are quite certain the monetary stimulus that has taken place over the last 18 months has made Wall Street and the stock market very pleased.
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