Trump is taking his “case” against Fed Governor Lisa Cook to the Supreme Court. It’s an obvious power grab and an illegal attempt to bring the Fed under the president’s control. Its also a recipe for higher prices, higher interest rates, and even more deregulation. www.citizen.org/news/trumps-...

Rather than grapple with the research demonstrating that climate change will diminish labor productivity, drag down economic growth, and reshape the geographic distribution of the U.S. labor force, the Fed is neglecting the impacts of climate change and the needed policy response.

The Federal Reserve has once again left climate change off the agenda at Jackson Hole, ignoring the impacts of climate change on this year's theme: Labor Markets in Transition.

www.citizen.org/news/reporte...

We are losing to China in a competition for the future.

Instead of producing energy smarter, the U.S. is defunding cleaner, safer, and cheaper energy.

So the way to make America great is to fall behind???

Make it make sense.

Powell (wrongly!) assumes that if banks can get climate-risky assets off their balance sheets before they go bad, while also halting an extension of mortgage credit to climate-vulnerable communities, lenders will be safe and the Federal Reserve’s job will be done. www.citizen.org/news/from-wi...

The Fed should address climate change in proportion to the impacts it will have on the economy, financial system, and banks under its supervision. But backtracking on climate initiatives post-election reveals it is instead political pressure driving Fed decisions.
www.citizen.org/news/the-fed...

NEW: "Mapping the Home Insurance Crisis" contains a series of interactive maps and tables to help people make sense of the climate change-fueled home insurance crisis.

A collaboration with @publiccitizen.bsky.social.

🧵 ⬇️

With a $4.5 trillion fight over tax cuts looming, the oil and gas industry wants to protect billions of dollars in tax benefits it enjoys ... and get new ones, too.

Great @insideclimatenews.org piece featuring @foeus.bsky.social @publiccitizen.bsky.social

insideclimatenews.org/news/2403202...

Job cuts and consolidation may appear to satisfy the short-sighted cost cutting ruse of Elon Musk and DOGE, but weakening and further politicizing financial regulation will lead to a riskier financial system and more long-term economic pain for the average American.

We don't need Trump/Musk recklessly hacking away at the FDIC--the agency responsible for keeping Americans' bank deposits safe for nearly a century.
www.citizen.org/news/the-tru...

🌪️ Climate disasters are hitting insurance and housing markets.

In the first #FedLit issue, @karlsson-kris.bsky.social & Sarah Bloom Raskin explore how fragile insurers and mortgage delinquencies are tied to climate risk—and why the Fed must act. fedlit.substack.com/p/issue-1-cl...

Powell has been negligent on addressing climate-related financial risk for some time now. With Trump looming, Powell is ignoring risks and leading the Fed into further retreat.
www.citizen.org/news/from-wi...

"Powell predicts a time when mortgages will be impossible to get in parts of US"

finance.yahoo.com/news/powell-...

begging the question, what will Powell do about that?

Under the Biden Admin, climate change was an "emerging threat to financial stability," now I guess...its not?? Always nice to see Jay Powell's steel spine in action.

Not a Barr-specific dis but Republicans have been so successful at dictating the boundaries of Fed policymaking because they understand the Fed’s total aversion to engaging in political fights...and are comfortable bringing the fights from which the Fed must flee. www.ft.com/content/2207...

The only time we should expect to see any pushback on the Trump Admin from the banking industry is if they come for their safety net (trying to end Fed as LOLR, limits on asset purchases, etc.). Seeing Wall Street as an ally in the Trump Admin is total wishful thinking (and terrible politics).

Banks only want two things: the ability to take on as much leverage as they want and a permanent safety net to save them when they do. The Trump Administration is great cover for banks to get exactly what they want. www.ft.com/content/56de...

Kamala Harris treated climate change as an issue to be avoided. But climate is one of Dems' best opportunities to tell stories that, like Trump's, have clear villains and center the way elites (like Big Oil CEOs) are hurting working class people.

That's why it's time for climate populism.

Powell’s Chairmanship ends in 2026. The Wall Street vs new right power struggle, the relative influence of Vance, Heritage, etc. (and if these people actually mean what they say), should be instructive as to who gets the job next.

New right think tank American Compass too has argued that the Fed, as currently constructed, is at odds with a right-wing vision of economic populism.
americancompass.org/the-new-righ...

In short, Project 20205 advocates for shrinking the money supply. Not so good for the ‘stock market go up’ theory of macroeconomics.

But we shouldn’t discount the role of the new right and the different course they are charting on macro policy. Project 2025 advocates the Fed end its lender of last resort function, limit balance sheet expansion, and even floats a return to the gold standard.

I don’t think we can overstate how much Trump believes a good economy is measured first and foremost by asset prices going up. Keeping Powell (+ the tailwinds of falling inflation and falling interest rates) will make Wall Street happy.
www.politico.com/news/magazin...