Central Banks
Warren Urges Powell to Cut Rates to Help Struggling Clean Energy
- Monetary policy has jeopardized projects, lawmakers say
- Democrats send letter ahead of Fed’s meeting on interest rates
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Senator Elizabeth Warren urged Federal Reserve Chair Jerome Powell to cut interest rates, saying the hikes have “completely tanked major renewable infrastructure projects across the country.”
In a letter, Warren of Massachusetts and fellow Democratic Senator Sheldon Whitehouse of Rhode Island said rate increases have jeopardized the ability to create clean energy jobs and lower electricity costs that are part of President Joe Biden’s Inflation Reduction Act. Even as demand for clean solar, wind, and electric power grows, “the Fed’s interest rates have stalled progress and hampered the country’s ability to combat the climate crisis,” the letter said.