Democratic Senators Sheldon Whitehouse and Jeff Merkley came out against keeping Jerome Powell at the helm of the Federal Reserve due to what they see as his insufficient response to the climate crisis.
The opposition further complicates the imminent decision by President Joe Biden on whether to renominate Powell four another four years term to lead one of the world's most powerful institutions. Senator Elizabeth Warren warned that Powell is a "dangerous man" to lead the Fed because of his track record on Wall Street regulation.
That person is not Jerome Powell."Key Fed official Randal Quarles plans to resign, creating another vacancy for Biden to fill However, Powell has taken steps to address the climate crisis, even if he hasn't moved as aggressively as progressives would like. Read MoreLate last year, the Powell-led Fed joined an international network of global financial regulators focused on climate change.
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House advances Build Back Better Act, sending social spending bill to SenateThe $1.7 trillion bill represents a major victory for President Joe Biden and the Democrats.
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House Democrats pass Biden's social safety net expansion but major obstacles await in the SenateBREAKING: House Democrats have voted to pass President Biden's sweeping $1.9 trillion social safety net expansion legislation, a victory for the party even as the legislation faces a tough road ahead in the Senate.
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