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REPS. JONES, OCASIO-CORTEZ, TLAIB, PRESSLEY, AND GARCIA URGE BIDEN TO REPLACE POWELL AS FEDERAL RESERVE CHAIR

August 31, 2021

WASHINGTON, DC — Today, Congressman Mondaire Jones (D-NY), joined by Representatives Alexandria Ocasio-Cortez, Rashida Tlaib, Ayanna Pressley, and Jesús G. “Chuy” García released the following statement urging President Biden to appoint a new Federal Reserve Chair rather than reappoint Jerome Powell: 

““As news of the possible reappointment of Federal Reserve Chair Jerome Powell circulates, we urge President Biden to re-imagine a Federal Reserve focused on eliminating climate risk and advancing racial and economic justice. This consequential appointment has the potential to remake the composition of the Board of Governors. While the Federal Reserve has made positive changes to its approach to full employment reflected in the new monetary policy framework, our concerns with Chair Powell’s track record are two-fold. Under his leadership the Federal Reserve has taken very little action to mitigate the risk climate change poses to our financial system. To illustrate, the Federal Reserve received a D- rating for its approach to climate risk policies from Positive Money’s Global Central Bank Scorecard, placing it at the bottom of the G20 Central Banks. 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. Secondly, under Chair Powell the Federal Reserve has substantially weakened many of the reforms enacted in the wake of the Great Recession regulating the largest banks, including capital and liquidity requirements, stress tests, the Volcker Rule, and living will requirements. During the 2008-financial crisis, millions of Americans lost their homes and jobs, and many have failed to fully recover. Weakening financial regulations that were specifically created to prevent such a disaster from happening again, risks the livelihoods of Americans across the country. To move forward with a whole of government approach that eliminates climate risk while making our financial system safer, we need a Chair who is committed to these objectives. We urge the Biden Administration to use this opportunity to appoint a new Federal Reserve Chair.”

About Mondaire: Mondaire Jones is the 34-year-old Congressman from New York’s 17th District, serving Westchester and Rockland Counties. He serves on the House Judiciary, Education and Labor, and Ethics Committees and is the first openly gay, Black member of Congress. A product of East Ramapo public schools, Mondaire was raised in Section 8 housing and on food stamps in the Village of Spring Valley by a single mother who worked multiple jobs to provide for their family. He later graduated from Stanford University, worked at the Department of Justice during the Obama Administration, and graduated from Harvard Law School. He is a co-founder of the nonprofit Rising Leaders, Inc. and has previously served on the NAACP’s National Board of Directors and on the board of the New York Civil Liberties Union. Most recently, Mondaire worked as a litigator in the Westchester County Law Department. In November, Mondaire was unanimously elected by his colleagues to be the Freshman Representative to Leadership, making him the youngest member of the Democratic House leadership team. In December, Jones was appointed a Deputy Whip of the Congressional Progressive Caucus, and became a Co-Chair of the LGBTQ Equality Caucus. Mondaire was born and raised in Rockland, and resides in Westchester.

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