Tell President Biden: Don't Nominate Trump-appointed Powell to a 2nd Term Running the Federal Reserve
We can do #BetterThanPowell
The Federal Reserve is perhaps the most powerful economic institution in government, so when Senator Elizabeth Warren says we should ditch its current boss, the President should listen.
The Fed oversees massive banks like JPMorgan, Citigroup, Bank of America, and Goldman Sachs with the responsibility to ensure Wall Street doesn’t engage in risky activities that crash the economy like they did in 2008. That was, to put it mildly, bad news for ordinary Americans, and especially communities of color.
The Fed chair is arguably the single most important economic policy maker in the world, impacting everything from jobs to financial regulation to climate and equity. Chairman Jerome Powell, appointed by President Trump and part of an all-white, almost all-male Republican majority, has regularly voted to deregulate Wall Street, boosting bank profits while raising the risks of disaster for the rest of us.
We need to speak up to tell President Biden not to nominate Powell to a second 5-year term. As Sen. Warren put it, with so many qualified candidates for this job, renominating Powell is a big risk that’s not worth taking.
Sign the petition to President Biden: Don't Nominate Powell to a 2nd Term as Chair of the Federal Reserve now!
The seeds of the 2008 crash were planted years in advance by regulators who refused to rein in big banks. That’s why Powell’s record of deregulation should worry us all. Over and over, his policies made the banking system less safe and amplified wealth and income inequality.
Moving forward, Fed policy should be guided by:
Putting the interests of people and communities ahead of Wall Street
Its contribution to the success of Black and Brown families. The Fed must embrace innovative ideas that deliver a measure of justice to communities that have been too long denied.
A commitment to reversing Trump-era deregulatory measures and holding big banks accountable. Tough regulation, and supervision, and limits on speculation to stop financial bubbles.
Its role in fighting climate change. Every federal agency needs to play its part to address the climate crisis.
Add your name to the call to action and demand now that President Biden not nominate Jerome Powell to a 2nd term as head of the Federal Reserve.
Instead of prioritizing racial and economic equity, putting people and communities first, and taking up its responsibilities to address the climate crisis, under Powell’s leadership, the Fed:
Diluted rules that make banks more resilient in times of crisis
Weakened rules against reckless speculation
Rubber-stamped the creation and expansion of big banks
All these actions boosted bank profitability – already at high levels before this deregulatory spree – at the expense of the resilience of the financial system. At the time, public interest groups warned against many of these measures that Powell supported.
Let’s support Senator Elizabeth Warren’s position with a nationwide grassroots coalition that demands President Biden not nominate Jerome Powell to a 2nd term as Chair of the Federal Reserve. Add your name now.
To President Biden
Federal Reserve Chair Jerome Powell has a track record of serving the interests of the financial sector over the needs and safety of the American people by regularly voting to deregulate Wall Street.
America needs a leader at the Fed who is committed to advancing racial and economic equity nationwide, putting families and communities first, and addressing the systemic risk of climate change.
With so many qualified candidates for this job, renominating Powell is not a risk worth taking. President Biden, we call on you to not nominate Powell to a 2nd term as chair of the Federal Reserve.