The industry's fears were made clear at the end of January, when a coalition of forty-one energy-business trade associations that opposed Bloom Raskin's nomination wrote a letter to the committee in which they called Bloom Raskin "a strong advocate for debanking" fossil-fuel companies. On Monday, the White House said it would continue to seek Raskin's confirmation, adding that she has been targeted by an "unprecedented, baseless campaign led by oil and gas companies that sought to tarnish her distinguished career."Īs Jane Mayer wrote in The New Yorker earlier this month, fossil fuel companies, fearing that at the Fed Raskin could identify the climate crisis as a long-term systemic risk to the economy and regulate accordingly, have led right-wing senators in their campaign to stop Raskin's confirmation: Republicans on the Senate Banking Committee have boycotted a hearing to advance several nominations for Federal Reserve positions, saying they object to Biden's selection of Raskin due to her comments about the climate and accusing her of impropriety when she served on the board of a payments firm. "They need to ask themselves how their existing instruments can be used to incentivize a rapid, orderly, and just transition away from high-emission and biodiversity-destroying investments," Raskin wrote. bank regulators must "leave their comfort zone" and begin regulating how financial institutions are contributing to the planetary emergency by funding fossil fuel emissions. Raskin wrote in a column last year that U.S. "I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board." "Her previous public statements have failed to satisfactorily address my concerns about the critical importance of financing an all-of-the-above energy policy to meet our nation's critical energy needs," Manchin said of Raskin Monday. Manchin suggested that the former Obama administration official's call for action regarding banks' climate risks as they pour trillions of dollars into fossil fuel projects. The return on that modest investment has been staggering." " The fossil fuel industry gave more money to Manchin than anyone else in D.C.
Senate, Raskin's nomination is likely doomed. Without Manchin's support in the evenly-split U.S. No Republicans have indicated that they might support Raskin's nomination to serve as vice chair of supervision at the Fed, a role in which she would be the agency's top banking regulator. Joe Manchin infuriated progressives on Monday as he announced his refusal to support President Joe Biden's nomination of Sarah Bloom Raskin to a key position at the Federal Reserve-only the latest of the West Virginia senator's obstructions of his own party's climate action agenda.
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