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Jerome Powell, chair of the U.S. Federal Reserve. Photo: Al Drago/Bloomberg via Getty Images

Reps. Alexandria Ocasio-Cortez (D-N.Y.), Rashida Tlaib (D-Mich.) and Ayanna Pressley (D-Mass.) are calling on President Biden to replace Federal Reserve Chair Jerome Powell with someone more focused on "eliminating climate risk and advancing racial and economic justice," according to a joint statement reported by Politico.

Driving the news: Powell's term will end in early 2022, though some economists have said Biden will likely reappoint him.

What they're saying: Though the progressive lawmakers recognized that the Fed has "made positive changes" under Powell, they pushed Biden to appoint someone more aggressive on financial regulation and climate change.

  • "Under his leadership, the Federal Reserve has taken very little action to mitigate the risk climate change poses to our financial system," the lawmakers, who all serve on the House Financial Services Committee, said in the statement.
  • "At a time when the Intergovernmental Panel on Climate Change is warning of the potential catastrophic and irreversible damage inflicted by a changing climate, we need a leader at the helm that will take bold and decisive action to eliminate climate risk," they added.
  • The statement criticized the Fed's decision to reduce regulations on big banks under Powell. "To move forward with a whole of government approach that eliminates climate risk while making our financial system safer, we need a Chair who is committed to these objectives."
  • Reps. Chuy García (D-Ill.) and Mondaire Jones (D-N.Y.) also signed on.

Worth noting: Few Democratic lawmakers have publicly opposed Powell, but some including Sens. Sherrod Brown (Ohio) and Elizabeth Warren (Mass.) have similarly called him out on his deregulatory efforts, Politico noted.

Go deeper: The growing push for a green Fed

Go deeper

Fed revamps rules for officials, restricts trades after controversies

Federal Reserve Chairman Jerome Powell. Photo: Kevin Dietsch/Getty Images

The Federal Reserve on Thursday announced significant changes to its rules regulating officials' financial activities following controversy last month over some officials' past trading practices.

Why it matters: The rule revamp is a coda to the biggest scandal to hit the Fed in recent memory.

New Zealand passes "world-first" climate change disclosure law for banks

Commerce and consumer affairs minister David Clark and Prime Minister Jacinda Ardern at Parliament in Wellington, New Zealand, in 2018. Photo: Mark Tantrum/Getty Images

New Zealand passed a "world-first" law requiring financial institutions to disclose and act on climate change impacts concerning their businesses, officials announced Thursday.

Why it matters: About 200 of the "largest financial market participants in New Zealand" will have to "disclose clear, comparable and consistent information about the risks, and opportunities, climate change presents to their business," per a statement from commerce and consumer affairs minister David Clark.

Fossil fuel executives to testify at "landmark" hearing focused on climate disinformation

An oil flare at a BP plant in Whiting, Indiana. Photo: Luke Sharrett/Bloomberg via Getty Images

The House Committee on Oversight and Government Reform announced on Friday it will hold a "landmark" hearing next week with fossil fuel executives focused on the industry's role in spreading climate disinformation.

Why it matters: This is the first time oil company CEOs, and the head of their main trade group, will testify under oath about their knowledge of the link between burning fossil fuels and climate change, per Axios' Andrew Freedman.