Progressive advocates and lawmakers have warned that Powell is soft on Wall Street and climate issues.
The agency is floundering after reports unveiled huge stock trades by top officials in the agency over the pandemic.
The sale came on the first day of October 2020, which was among the worst months of the pandemic for the stock market.
Directly before pandemic policy changes were announced, the Fed’s vice chair made stock trades worth up to $5 million.
Climate justice activists are intensifying their push for President Biden to appoint a climate leader to head the Fed.
The agency is looking into changing its rules around allowing its staff members to trade stocks.
The bill requires the Fed to ensure bank financing projects are in line with the U.S.’s climate commitments.
Under Trump, Jerome Powell supported rolling back several financial regulations put in place after the Great Recession.
Critics say Jerome Powell’s track record on climate and financial regulation should disqualify him from staying on.