John, we have some good, and some bad news.
We’ll start with the good news: Two days ago, President Biden announced his three final nominees for the Federal Reserve (the Fed) and all of our desired picks were nominated, including Lisa Cook and Sarah Bloom Raskin.
Over 10,000 people signed our petition calling on Biden to make these nominations – making this a truly people-powered victory.
If confirmed by the Senate, these nominees would not only bring focus to the risks that climate change poses to the country’s economic and financial stability – they would also make the Fed board the most diverse in the central bank’s 108-year history.1
But like we said, there’s also some bad news: A number of Senate Republicans have pushed back hard against these nominees and the Fed taking action on climate more generally, so we need to demand that our Democratic Senators hold the line and ensure these nominees are confirmed.
Our goal is simple: We want the Federal Reserve to take the climate crisis seriously and address climate change in financial regulations.
So for the past 6 months, our movement has been pushing President Biden to nominate climate leaders to positions in the Federal Reserve Board of Governors.
While we are disappointed that Biden chose to renominate Jerome Powell for Fed Chair, we praised Lael Brainard’s nomination to the second-highest role at the Fed. Brainard supports climate scenario analysis and other measures to ensure that the financial sector is prepared for climate shocks and a just transition.
It’s clear that our pressure is working. During Powell’s confirmation hearing in the Senate Banking Committee last week, Powell stated his commitment to prioritizing climate stress tests in the Federal Reserve’s financial processes – which is a major victory for our movement.
But we can’t let up the pressure, which is why we must generate as many letters to Sen. Bob Casey as possible. Please send your letter now and together we can ensure these historic nominees are confirmed and set a new course for the Fed.
Thank you for speaking out.
Brooke Harper
Regional Campaigns Strategist
350.org
1 - Washington Post
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PO Box 843004, Boston, MA 02284-3004
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