“She’s repeatedly, publicly, and forcefully advocated for using financial regulation-including the Fed-to allocate capital and de-bank energy companies.”īut when asked about the Fed’s role on Thursday, Bloom Raskin specifically highlighted that Congress has provided the Federal Reserve with clear mandates, and that members should not be discouraging banks or any other federal regulators from lending to carbon-based fuels like coal, oil, or gas. Raskin want to misuse bank regulation to impose environmental policies that Congress has refused to enact,” Senate banking committee ranking member Pat Toomey (R-Pa.) said Thursday during the hearing. That has riled up Republicans, in particular, who say that Bloom Raskin would use bank regulation to impose policies they disagree with. “The decisions that the Fed makes today will go a long way to determining whether tomorrow’s economy is one that remains susceptible to more chaos and vulnerability or builds economic security and resilience,” she wrote in a May 2020 New York Times op-ed. Controversially, she’s advocated to limit the Fed’s investments in oil and gas. Over the years, Bloom Raskin has pointed out that the Fed and other federal regulators need to be conscious of the risk posed by climate change. Here’s what you need to know: So what does she want to do about climate change? Sherrod Brown, her nomination has proved controversial thanks to her previous statements in support of the federal regulators taking more action on climate change. While she’s arguably one of the “most qualified people ever nominated for the Federal Reserve” according to Sen. “With enlightened governors soon to constitute a majority, the Federal Reserve promises to navigate a bold new path to align the nation’s financial institutions in the true service of individuals, to combat inequity, promote employment, and match bank services with what’s productive for society,” said Bartlett Naylor, financial policy advocate for Public Citizen’s Congress Watch.Sarah Bloom Raskin-who served as a Fed governor and deputy secretary of the Treasury during the Obama administration-was in front of Congress on Thursday morning, along with President Joe Biden’s two other nominees for Fed governors, to secure the nomination for the role of Federal Reserve’s vice chair for supervision. The announcement comes on the tails of the Senate confirmation hearings this week for the renomination of Chairman Jerome Powell and the nomination of Governor Lael Brainard to serve as Vice Chair of the Board of Governors of the Federal Reserve System. The Fed sorely needs voices and perspectives that represent all Americans, particularly as workers and families struggle through a pandemic that has hit women and communities of color hardest.” “The nominations are also historic, making the Fed Board more representative of the country. “Sarah Bloom Raskin and Lisa Cook bring outstanding experience and expertise, plus a willingness to take on tough challenges,” said Arkush. The three nominees bring a wealth of experience in government, academia, and the private sector. The three nominees mark a new chapter in the diversity of the Federal Reserve, including the first African American woman and the fourth Black man to serve on the Board. Biden’s slate of nominees should put the Fed on a better track.” “Every member of the Fed Board should take the agency’s full mission seriously-refusing to sacrifice employment to inflation fears, advancing racial equity within the banking system, and mitigating the grave financial threat from climate change rather than bowing to political pressure to ignore it. “These are excellent choices to put ordinary Americans above the interests of Wall Street,” said David Arkush, managing director of Public Citizen’s Climate Program. Bloom Raskin will serve as vice-chair for bank supervision. President Biden is expected to announce his nomination today of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to the Federal Reserve Board of Governors.
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