Washington DC – Reps Alexandria Ocasio-Cortez, Rashida Tlaib, and Ayanna Pressley are calling on the Biden administration to replace the current chair of the Federal Reserve, Jerome Powell.

AOC, Tlaib, and Pressley demand to see the country's highest economic post given to someone who will pursue bolder action in the face of the climate emergency.

The three congresswomen were joined by Rep. Mondaire Jones and Chuy García, all members of the House Financial Services Committee.

"As news of the possible reappointment of Federal Reserve Chair Jerome Powell circulates, we urge President Biden to re-imagine a Federal Reserve focused on eliminating climate risk and advancing racial and economic justice," the representatives said in a joint statement to Politico.

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"At a time when the Intergovernmental Panel on Climate Change is warning of the potential catastrophic and irreversible damage inflicted by a changing climate, we need a leader at the helm that will take bold and decisive action to eliminate climate risk."

The Fed is tasked with supervising and regulating big banks and subsidiaries, but Squad members took aim at Powell's moves to deregulate big banks over his tenure, which allowed them to engage in riskier trades.

"Weakening financial regulations that were specifically created to prevent such a disaster from happening again risks the livelihoods of Americans across the country," they explained.

"To move forward with a whole of government approach that eliminates climate risk while making our financial system safer, we need a Chair who is committed to these objectives."

Powell, who was appointed to the board of the Federal Reserve under Barack Obama in 2012 and given the position of chair under Donald Trump, has a lot of bipartisan support in Congress.

Treasury Secretary Janet Yellen is also said to support a second term for Powell after his current stint ends in February 2022, Bloomberg reported.

Until now, there has not been much criticism of Powell on Capitol Hill, though Democratic Senators Elizabeth Warren and Sherrod Brown have called out his deregulatory moves.

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Other groups have also joined the call for a green shift in the Federal Reserve. For example, Evergreen Action shared a memo with Axios in which they call for the Fed to restrict the amount of greenhouse gas emissions they finance through loans and investments as well as implement "stress tests" to evaluate preparedness for climate disasters, among other demands.

Biden is expected to announce Powell's fate as early as next month.