Last month, instead of voting on the confirmation of President Biden’s nominees to run the Fed, the Republican members of the Senate Banking Committee staged a boycott. “It’s an enormous dereliction of duty,” a Nobel Prize-winning economist said.
As the American economy faces market turmoil fuelled by Russia’s invasion of Ukraine, the highest inflation rate in forty years, and continuing damage from the-19 pandemic, the Federal Reserve System’s board of governors has become a ghost ship. There are multiple vacancies on the panel, and its chairman,, is awaiting Senate confirmation to a second four-year term.
A boycott to stop a vote is extraordinary under any circumstances, but experts said they were stunned, given the magnitude of the country’s current economic challenges. “It’s an enormous dereliction of duty,” Joseph Stiglitz, a Nobel Prize-winning economist, told me. Stiglitz, a progressive professor at Columbia University who has advised Democratic presidents, stressed that “the Federal Reserve is the most important economic institution in the U.S., and the U.S.
So what, exactly, is the problem? In Stiglitz’s view, “It’s very simple: special interests.” In speeches and op-ed pieces, Bloom Raskin has described climate change as a potential threat to global economic security. Moreover, she’s personally expressed the view that the Fed should have resisted pressure from climate-polluting fossil-fuel companies who wanted pandemic-related bailouts, and instead encouraged a shift to renewable energy sources.
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