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Progressives Urge Biden Not to Nominate Powell as Fed Chair

  • Ocasio-Cortez, four other Democrats call for new Fed leader
  • Group wants Fed focused on climate risk, economic justice
Rep. Alexandria Ocasio-Cortez

Rep. Alexandria Ocasio-Cortez

Photographer: Stefani Reynolds/Bloomberg

Representative Alexandria Ocasio-Cortez and a group of fellow progressive Democrats are calling on President Joe Biden to replace Federal Reserve Chair Jerome Powell when his term expires.

“We urge President Biden to re-imagine a Federal Reserve focused on eliminating climate risk and advancing racial and economic justice,” the representatives wrote in the statement Monday. “This consequential appointment has the potential to remake the composition of the Board of Governors.”