In recent weeks, the climate movement has become caught in the middle of a fight that seemingly has nothing to do with the environment: Should President Joe Biden renominate Jerome Powell to lead the Federal Reserve?
The choice of who should run the country’s central bank has historically not captivated climate advocates—or many Americans, for that matter—yet it has carved the left into two opposing camps, each claiming to fight for a greener economy.
On one side, a group of pro-Powell employment hawks argue that Powell has overturned right-wing orthodoxy that has needlessly cramped economic growth and impoverished American workers for decades. Their opponents—let’s call them the regulation hawks—say that Powell and other Republican Fed governors have gone too easy on big banks and are now risking a climate-induced financial crisis.
Even weirder than the fight happening at all is the fact that many of Powell’s climate…