John, our pressure is working: during his confirmation hearing, Federal Reserve Chair nominee Jerome Powell stated that climate stress tests will 'very likely' be a 'key tool going forward'.
But the best way to make sure that the Fed takes climate seriously is to confirm Lael Brainard for Vice Chair to hold Powell accountable. Will you contact your Senators in favor of Brainard’s confirmation?
In November, President Biden announced two of his nominations for the Federal Reserve: Jerome Powell for Chair and Lael Brainard for Vice Chair.
While we were disappointed when President Biden renominated Jerome Powell to lead the Federal Reserve, we praised his decision to nominate Lael Brainard, an experienced leader who understands the importance of a just transition away from fossil fuels.
If confirmed, Lael Brainard will work to ensure that the financial sector is prepared for climate shocks and a just transition and make sure that the climate crisis is top of mind for the Federal Reserve. But we need to make sure that her nomination clears the Senate.
Tomorrow, the hearing on Lael Brainard’s nomination will be held within the Senate Banking Committee, and we need the Senate to hear our demand for her confirmation. John, can you write to Sens. Bob Casey and Pat Toomey today and demand they vote 'Yes' on Lael Brainard's renomination to Vice Chair?
During her time on the Board of the Federal Reserve, Brainard has demonstrated leadership on numerous pressing issues facing the Fed, including the regulatory implications of climate change.1
She even previously stated that it is “essential that financial institutions — and the financial sector as a whole — are resilient to and prepared for the challenges of climate change.”
Beyond her commitment to addressing the financial risks of the climate crisis, Lael Brainard brings a laundry list of other qualifications:
John, in order to get the Federal Reserve to take climate seriously and hold big banks accountable for funding the climate crisis, we need Lael Brainard as Vice Chair — which means we need the Senate to pass her nomination.
Thank you for being in this fight.
Brooke Harper
Regional Campaigns Strategist
350.org
P.S. If you're on Twitter, can you also send a tweet to Senators Bob Casey and Pat Toomey and demand them vote yes on Lael Brainard’s renomination? Your messages will help build our pressure and spread the word.
Tweet to Sen. Casey (@SenBobCasey)
Tweet to Sen. Toomey (@SenToomey)
1 - "Financial Stablity Implications of Climate Change" - Speech by Lael Brainard
2 - Federal Reserve - Board Votes
3 - Reuters
4 - Federal Reserve Press Release
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