{"id":394989,"date":"2025-08-14T07:35:38","date_gmt":"2025-08-14T06:35:38","guid":{"rendered":"https:\/\/climatescience.press\/?p=394989"},"modified":"2026-01-04T06:10:02","modified_gmt":"2026-01-04T05:10:02","slug":"how-jerome-powell-played-bidens-climate-games-while-inflation-ran-rampant","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=394989","title":{"rendered":"How Jerome Powell Played Biden\u2019s Climate Games While Inflation Ran Rampant"},"content":{"rendered":"\n
\"A<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From Watts Up With That?<\/a><\/p>\n\n\n\n

THE DAILY CALLER<\/a><\/p>\n\n\n\n

\"Daily<\/figure>\n\n\n\n

Audrey Streb
<\/a><\/strong>DCNF Energy Reporter<\/p>\n\n\n\n

\"A<\/figure>\n\n\n\n

The Federal Reserve failed to prioritize its core mission to combat inflation while embracing the Biden administration\u2019s green energy agenda, economic and energy policy experts told the Daily Caller News Foundation.<\/p>\n\n\n\n

Under Fed Chairman Jerome Powell\u2019s leadership, the Fed joined<\/a> a global climate change group and took other steps to align with President Joe Biden\u2019s climate agenda while failing to effectively manage primary responsibilities, according to economists and energy policy experts. Though Powell once told<\/a> Congress that the Fed is not made of \u201cclimate policymakers,\u201d Biden later said<\/a> that Powell \u201cmade clear to him\u201d that the Fed would work to mitigate economic climate risks while inflation<\/a> reached<\/a> a 40-year high, according to multiple<\/a> reports<\/a> and experts who spoke with the DCNF.<\/p>\n\n\n\n

\u201cRight after the most recent presidential election, the Federal Reserve gave up on the whole green energy agenda,\u201d EJ Antoni, chief economist at the Heritage Foundation, told the DCNF. \u201cThe Fed ultimately came to the conclusion [under Biden] that lending to fossil fuel projects involved a new level of risk \u2014 not because of repayment risk, but because of climate change.\u201d (RELATED: Fed Chair Jerome Powell Quietly Insists He Won\u2019t Resign)<\/a><\/strong><\/p>\n\n\n\n

US President Joe Biden (R) announces Jerome Powell (L) as his nominees for Chair of the Board of Governors of the Federal Reserve Systems during an event at the White House in Washington, DC, on November 22, 2021. (Photo by JIM WATSON\/AFP via Getty Images)<\/p>\n\n\n\n

Antoni argued that upon Trump\u2019s return to the Oval Office, the Fed reversed its green doctrine that was aligned with \u201cabsolutely ludicrous\u201d Biden-era energy policy.<\/p>\n\n\n\n

The Fed became a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS<\/a>) in December 2020. The NGFS supports a green energy transition and seeks to inform banks on how to integrate climate risks into banking practices. The Fed announced<\/a> its exit from the NGFS on January 17, right before Trump returned to office.<\/p>\n\n\n\n

\u201cThey very quickly realized that there was a new sheriff in town, and that they didn\u2019t need to try to appease the far radical left any more, especially on energy,\u201d Antoni said.<\/p>\n\n\n\n

Trump has recently criticized Powell, prompting rumors that Trump may fire him. Trump later said in an interview<\/a> that he will \u201cmost likely\u201d not fire Powell because doing so would be \u201chighly disruptive,\u201d and Powell is reportedly not planning<\/a> to step down before the end of his term in May 2026, according to Reuters.<\/p>\n\n\n\n

\u201cYou know what? People aren\u2019t able to buy a house because this guy is a numbskull,\u201d Trump said of Powell, according to Reuters. \u201cI think he\u2019s done a bad job, but he\u2019s going to be out pretty soon anyway. In eight months, he\u2019ll be out.\u201d<\/p>\n\n\n\n

Inflation was at 1.6%<\/a> when Powell said<\/a> in February 2021 that the Fed cannot decide how climate change will be addressed as it isn\u2019t comprised of \u201cclimate policymakers,\u201d according to RealClearPolitics. When Biden assured Americans in November 2021 that Powell was committed to tackling climate change, inflation had already reached 6.8%<\/a> and was climbing toward a 40-year high of 9.1%<\/a>, according to the outlet.<\/p>\n\n\n\n

Powell endorsed<\/a> the Financial Stability Oversight Council\u2019s (FSOC) Report on Climate-Related Financial Risk in October 2021, stating that \u201cclimate change poses significant challenges for the global economy and the financial system\u201d and that \u201cthe public rightly expects us to work to ensure the financial system is resilient to climate-related financial risks.\u201d The report identifies<\/a> climate change as a financial risk to the U.S. economy and recommends council members take action on climate change data.<\/p>\n\n\n\n

\u201cChair Powell has been clear that the Federal Reserve is not a climate policymaker and that those decisions must be made by the elected branches of government,\u201d a spokesperson for the Fed told the DCNF.<\/p>\n\n\n\n

Though the Fed and Powell have consistently argued that the agency does not craft regulatory policy, Antoni argued that the Fed holds influence beyond its ability to curb inflation.<\/p>\n\n\n\n

\u201cPeople really underestimate the regulatory power of the Federal Reserve,\u201d Antoni said. \u201cThe Fed will essentially force people in the financial industry to make choices based on the regulatory consequence.\u201d<\/p>\n\n\n\n

Antoni likened the Fed\u2019s meddling in energy markets to past regulatory<\/a> interventions<\/a> in home loans that contributed to the ruinous 2008 housing crash<\/p>\n\n\n\n

\u201cRegulators essentially forced financial firms to make risky loans to people who likely would never be able to pay them back and just in order to meet regulatory compliance, those financial firms had to put themselves into a riskier position,\u201d Antoni said. \u201cCapital was diverted away from profitable enterprises \u2026 and towards unproductive ones like solar panels or windmills.\u201d<\/p>\n\n\n\n

The Fed issued<\/a> principles for managing climate-related financial risks in October 2023, which increased the perceived risk of loans to fossil fuel companies, according to Antoni. (RELATED: American Energy Firms Are Counting Down The Days Until Trump\u2019s Return)<\/a><\/strong><\/p>\n\n\n\n

The Fed\u2019s Biden-era embrace of climate priorities meant that green energy projects like wind or solar got financial backing they otherwise would not have while making it harder for other energy resources like coal, natural gas, oil or nuclear to secure investment, Antoni explained.<\/p>\n\n\n\n

\u201cIt [the Fed] essentially created huge inefficiencies within both the financial and energy markets,\u201d Antoni said, arguing that the wind and solar industries only exist due to government subsidies. Antoni continued to note that the Fed began to consider projects using fossil fuels as an increased risk<\/a>, which he described as \u201cmental gymnastics.\u201d<\/p>\n\n\n\n

\u201cThe Federal reserve was established to prevent financial crises in the U.S. by maximizing employment, stabilizing long term interest rates, and stabilizing prices to prevent or moderate inflation,\u201d Sterling Burnett, director of the Arthur B. Robinson Center on Climate and Environmental Policy at The Heartland Institute, told the DCNF. \u201cPowell\u2019s foray in climate policy was the grossest form of politicized mission creep \u2014 and all to keep his own job. Nowhere is the Fed in its charter, granted the power to meddle in domestic policy, much less address climate change. It\u2019s past time for Powell to go, taking his leftist politicization of the Fed with him. Powell\u2019s climate efforts are bad for the reputation of the Fed, and bad for the nation.\u201d<\/p>\n\n\n\n

When inflation was increasing in March 2024, other critics argued<\/a> that if the Fed had paid less attention to climate risks, the system might have been more stable. Despite the Fed focusing on climate change during Biden\u2019s presidency, environmental activists still aggressively<\/a> targeted<\/a> the agency, pressuring Powell and claiming that he had not waged a hard enough assault on the oil and gas industry.<\/p>\n\n\n\n

\u201cJerome Powell\u2019s transition from a man who understood his crucial role at the Federal Reserve to man who was willing to pander to the climate ideologues at the Biden Administration, was a key reason for the unbridled inflation and weak economy of the past few years,\u201d Executive Editor and Publisher of ClimateDepot.com Marc Morano told the DCNF. \u201cPowell, who was facing opposition by climate activists during Biden\u2019s term, is a case study of how officials who crave holding on to power are willing to sell out their principles and go against their own economic instincts.\u201d<\/p>\n\n\n\n

NGFS did not respond to the DCNF\u2019s request for comment.<\/p>\n\n\n\n

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter\u2019s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org<\/a>.<\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Reserve failed to prioritize its core mission to combat inflation while embracing the Biden administration\u2019s green energy agenda, economic and energy policy experts told the Daily Caller News Foundation.<\/p>\n","protected":false},"author":121246920,"featured_media":394992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691821210,691818056,691819375,691837256,691837258,691818821,691837257],"class_list":["post-394989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-climate-agenda","tag-climate-change","tag-green-energy-transition","tag-jerome-powell","tag-network-of-central-banks-and-supervisors-for-greening-the-financial-system-ngfs","tag-president-joe-biden","tag-the-federal-reserve","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/08\/0AQPvUkF8yzJ23Mk8jkkIGTGvDv8Z7BNmD3clYuuwJ8xN9bwi1ZRugagwbnEqXyuZKJhZkktUylXuSn6wufSxHN3wom5ZCegiWkuqEy8oBKsG3k0Vx_6QPdyPnF1IK71Yv_4hEjPR9pl5yTrnLGNIfnzCGCfAxw-1.jpeg?fit=1280%2C1280&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1EKN","jetpack-related-posts":[{"id":256338,"url":"https:\/\/climatescience.press\/?p=256338","url_meta":{"origin":394989,"position":0},"title":"Biden and the Bank Crash \u2013 Why Biden\u2019s Green Energy Push is Driving US Banks into Insolvency","author":"uwe.roland.gross","date":"05\/07\/2023","format":false,"excerpt":"Here I make the case that the financial crisis engulfing the USA\u2019s banks and financial sector can be traced straight back to Biden\u2019s inflationary green energy push.","rel":"","context":"In \"Bank of America\"","block_context":{"text":"Bank of America","link":"https:\/\/climatescience.press\/?tag=bank-of-america"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00-Biden-Crash.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00-Biden-Crash.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00-Biden-Crash.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00-Biden-Crash.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/00-Biden-Crash.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":292867,"url":"https:\/\/climatescience.press\/?p=292867","url_meta":{"origin":394989,"position":1},"title":"\u2018We Never Had A Vote\u2019: Climate Expert Blasts Biden Admin For Bypassing Voters To Impose Green Agenda","author":"uwe.roland.gross","date":"12\/28\/2023","format":false,"excerpt":"Climate Depot executive editor Marc Morano blasted President Joe Biden for bypassing American voters to enact his environmental agenda.","rel":"","context":"In \"Climate change\"","block_context":{"text":"Climate change","link":"https:\/\/climatescience.press\/?tag=climate-change"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Screenshot-2023-12-28-165530.png?fit=1200%2C676&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Screenshot-2023-12-28-165530.png?fit=1200%2C676&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Screenshot-2023-12-28-165530.png?fit=1200%2C676&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Screenshot-2023-12-28-165530.png?fit=1200%2C676&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/12\/0Screenshot-2023-12-28-165530.png?fit=1200%2C676&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":409201,"url":"https:\/\/climatescience.press\/?p=409201","url_meta":{"origin":394989,"position":2},"title":"President Trump is fixing FERC","author":"uwe.roland.gross","date":"10\/20\/2025","format":false,"excerpt":"The weaponization of government was a major driver of President Donald Trump\u2019s historic comeback. From the Department of Justice labeling certain mothers \u201cdomestic terrorists\u201d to the Transportation Safety Agency (TSA) adding individuals unwilling to wear masks to the \u201cno-fly\u201d list, the Biden administration left no stone unturned.","rel":"","context":"In \"climate agenda\"","block_context":{"text":"climate agenda","link":"https:\/\/climatescience.press\/?tag=climate-agenda"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/10\/0Screenshot-2025-10-20-100924.png?fit=1200%2C551&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/10\/0Screenshot-2025-10-20-100924.png?fit=1200%2C551&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/10\/0Screenshot-2025-10-20-100924.png?fit=1200%2C551&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/10\/0Screenshot-2025-10-20-100924.png?fit=1200%2C551&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/10\/0Screenshot-2025-10-20-100924.png?fit=1200%2C551&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":381066,"url":"https:\/\/climatescience.press\/?p=381066","url_meta":{"origin":394989,"position":3},"title":"Billions In Green Projects Up in Smoke as Trump, GOP Slice Up Dems\u2019 Climate Largesse","author":"uwe.roland.gross","date":"05\/31\/2025","format":false,"excerpt":"More than $14 billion in green energy projects have been delayed or canceled so far in 2025 as the Trump administration and its allies move to roll back former President Joe Biden\u2019s sprawling climate agenda, according to new analysis released Thursday.","rel":"","context":"In \"Biden Administration\"","block_context":{"text":"Biden Administration","link":"https:\/\/climatescience.press\/?tag=biden-administration"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/05\/ChatGPT-Image-28.-Mai-2025-09_53_37.png?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/05\/ChatGPT-Image-28.-Mai-2025-09_53_37.png?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/05\/ChatGPT-Image-28.-Mai-2025-09_53_37.png?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/05\/ChatGPT-Image-28.-Mai-2025-09_53_37.png?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/05\/ChatGPT-Image-28.-Mai-2025-09_53_37.png?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":253835,"url":"https:\/\/climatescience.press\/?p=253835","url_meta":{"origin":394989,"position":4},"title":"GOP Debt Ceiling Bill Guts Biden\u2019s Signature Climate Law, Saves Taxpayers Billions","author":"uwe.roland.gross","date":"04\/21\/2023","format":false,"excerpt":"House Speaker Kevin McCarthy unveiled a Republican budget proposal Wednesday that would end the hundreds of billions of dollars worth of green tax cuts in President Joe Biden\u2019s signature climate law, the Inflation Reduction Act (IRA).","rel":"","context":"In \"climate law\"","block_context":{"text":"climate law","link":"https:\/\/climatescience.press\/?tag=climate-law"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0House-Majority-Leader-Kevin-McCarthy-R-CA-talks-with-reporters-following-the-weekly-House-Republican-Conference-meeting-at-the-U.S.-Capitol-April-17-2018-in-Washington-DC.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0House-Majority-Leader-Kevin-McCarthy-R-CA-talks-with-reporters-following-the-weekly-House-Republican-Conference-meeting-at-the-U.S.-Capitol-April-17-2018-in-Washington-DC.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0House-Majority-Leader-Kevin-McCarthy-R-CA-talks-with-reporters-following-the-weekly-House-Republican-Conference-meeting-at-the-U.S.-Capitol-April-17-2018-in-Washington-DC.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0House-Majority-Leader-Kevin-McCarthy-R-CA-talks-with-reporters-following-the-weekly-House-Republican-Conference-meeting-at-the-U.S.-Capitol-April-17-2018-in-Washington-DC.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0House-Majority-Leader-Kevin-McCarthy-R-CA-talks-with-reporters-following-the-weekly-House-Republican-Conference-meeting-at-the-U.S.-Capitol-April-17-2018-in-Washington-DC.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":247228,"url":"https:\/\/climatescience.press\/?p=247228","url_meta":{"origin":394989,"position":5},"title":"Was the Silicon Valley Bank Collapse Caused by Climate Activism?","author":"uwe.roland.gross","date":"03\/13\/2023","format":false,"excerpt":"Pinkerton: Green, Woke, and Now Broke \u2014 How SVB Became the 2nd Biggest Bank Failure in U.S. History Go Woke, Go Bust","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-297.png?fit=1200%2C628&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-297.png?fit=1200%2C628&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-297.png?fit=1200%2C628&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-297.png?fit=1200%2C628&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-297.png?fit=1200%2C628&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/394989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/users\/121246920"}],"replies":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=394989"}],"version-history":[{"count":5,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/394989\/revisions"}],"predecessor-version":[{"id":394996,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/394989\/revisions\/394996"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/394992"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=394989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=394989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=394989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}