350.org on Political Boycott of Federal Reserve Nominations

By Jessel Thomas First Posted: Feb 16, 2022 04:48 AM EST

Senate Republicans serving on the Banking, Housing, and Urban Affairs Committee today boycotted the vote to advance Federal Reserve board nominees to a full Senate confirmation.

The slate includes Jerome Powell for Federal Reserve Chair, Lael Brainard for Vice-Chair, Sarah Bloom Raskin for Vice Chair of Supervision, and Lisa Cook and Phillip Jefferson for the remaining vacancies on the Federal Board of Governors.

(Photo : 350.org)

Activists have been calling for President Joe Biden to nominate a Federal Reserve Chair and board representatives who will account for the compound crisis of COVID, inflation and unemployment, and the impacts of the climate crisis in our communities.

350.org is pushing for a Federal Reserve that steers the economy away from high-risk fossil fuel investments, incorporates climate stress tests across policies and lending, and prioritizes racial justice, including through full employment.

Brooke Harper, 350 U.S. Campaign Manager Made the Following Statement on the Nominations:

"Shame on Senator Toomey and Republicans of the Senate Banking Committee for boycotting today's vote and delaying the confirmation of this highly qualified slate of Federal Reserve board nominees. This boycott is pure politics, and a rejection of the serious skill, competence, and experience this slate would bring to the Federal Reserve. Combined, we believe that Lael Brainard as Federal Reserve vice-chair, along with Sarah Bloom Raskin, Lisa Cook, and Phillip Jefferson are a strong ensemble that can reinforce the critical independence of the Federal Reserve, while at the same time bringing long-overdue diversity of thought, experience, and perspective to the Board of Governors.

The Federal Reserve is at a critical juncture where it must have the expertise to tackle the compound crisis of COVID, inflation and unemployment, and the realities of the climate crisis in our communities. These nominees can get the Federal Reserve back to work and address these serious crises through smart regulation.

We urge Senator Schumer to move forward to the Senate Floor for a vote on these nominees. We believe Brainard, Raskin, Cook, and Jefferson are critical to the success of the Federal Reserve and its role to protect the interest of the American people. We urge the Senate to confirm these highly qualified economic champions now."