"Fed Nominee Hits Back At GOP Climate Attacks. Will It Work?"

"President Biden’s nominee to be the Federal Reserve’s top banking regulator came out swinging yesterday against Republican assertions that she’s on a mission to combat climate change by diverting dollars away from the oil and gas sector.

In a highly anticipated hearing before the Senate Committee on Banking, Housing and Urban Affairs, Sarah Bloom Raskin faced a flurry of questions from GOP lawmakers about her previous remarks on the Fed’s responsibility to address the financial threats of global warming.

Their main accusation: That Raskin, a former Fed governor who Biden tapped to be the central bank’s next vice chair for supervision, would lead a politicized charge to starve high-carbon companies of cash — a move that would fall outside the Fed’s mandate from Congress.

“If Ms. Raskin is confirmed, there is going to be an effort at the Fed to start with a climate scenario analysis, that’s what it’s called — and you can be sure that that had better show all kinds of risks — and then the Fed will respond to that analysis,” said Sen. Pat Toomey of Pennsylvania, the panel’s top Republican."

Avery Ellfeldt reports for E&E News February 4, 2022.


"Fed Nominee Pushes Back Against GOP Claims Of Anti-Oil Bias" (AP)

Source: E&E News, 02/07/2022