The pressure is building, John.
President Biden will be announcing his pick for a new Federal Reserve Chair any day now and thanks to our Fossil Free Federal Reserve campaign, Jerome Powell’s chances of re-nomination are thinning by the day.
Jerome Powell was supposed to be a “shoe-in” for another term – but our movement got to work. His record on climate – not to mention his recent violations of insider trading – make it clear that he’s unfit to lead the Fed or fulfil the Fed’s duty to protect our economy from climate risks.
We’ve been building the pressure for months and it all came to a head last weekend with actions led by 350 local groups at 13 Federal Reserve branches in Denver, Chicago, New York, Dallas, and beyond.
We’ve gotten this far, but we need to keep up the momentum. Can you watch and share the highlights from our Fossil Free Federal Reserve actions? Every share helps grow our movement and is another voice calling on Biden to nominate a climate leader as Fed Chair.
This week during COP26, the Federal Reserve released a statement in support of a new declaration by the NGFS (Network for Greening the Financial System – a network of central banks and supervisors). The Fed statement said:
“While the primary responsibility for addressing climate change itself rests with elected officials, the Federal Reserve is committed to working within our existing mandates and authorities to address the implications of climate change, particularly the regulation and supervision of financial institutions and the stability of the broader financial system.”1
But these words are just words unless they’re followed up with action. While Europe’s Central Bank announced concrete plans and timelines to address climate risks,2 Fed Chair Powell has been busy prioritizing his own financial gain — selling up to $5 million in stocks (suspiciously) ahead of a major drop in the stock market last October.3
The Fed cannot be led by unethical leaders who don’t take this crisis seriously. We need swift and immediate climate action to prevent economic collapse. That means cutting off the flow of money to fossil fuels now.
Thank you for being in this fight.
Team 350
1 - Federal Reserve
2 - 350.org
3 - The American Prospect
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350.org is a global movement that fights for a just and equitable world by stopping the fossil fuel industry from continuing to destroy our climate.