Opinion | Renominating Jerome Powell for Fed chair is a mistake that will have serious consequences for our planet. By Yevgeny Shrago and David Arkush of Public_Citizen.
to mitigate both the damage climate change does to the financial system, and the damage the financial system is doing to the planet.
That means these big banks are plowing money into investments that will become worthless as the clean-energy transition accelerates. It's just the kind of dangerous investment that the Fed failed to prevent in 2007, opening the door to a financial crash that wrecked the economy. Powell may get credit for forward thinking changes to the Fed's monetary policy framework, but his approach to financial regulation is. Given the damage the 2008 crisis did to the economy, President Biden cannot accept that attitude in his nominee. The Federal Reserve could have stopped banks from selling bad subprime mortgage loans in 2007, and it can stop them from financing emissions that the economy cannot survive now. to bring banks into line.
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