“As a governor, she never advocated for the Fed to allocate private capital,” he added. “There’s been a lot of hyperventilating about today’s nominees that is based on hyperbole and misrepresentation rather than their records and actual experience,” Senate Banking Chair Sherrod Brown (D-Ohio) said. Raskin’s confirmation would mark a homecoming for the current Duke University professor, who served as a Fed. Though some Democrats have criticized Federal Reserve Chair Jerome Powell for failing to do more on climate change, they argued Thursday that Raskin’s views are no different than his. Sarah Bloom Raskin has withdrawn from consideration to be a nominee for the Federal Reserve Board of Governors. Sarah Bloom Raskin as Fed vice chair of supervision. “Now, the watchword here is resiliency, resiliency in the face of potential risks.” “Whatever the risk, the job of the banking regulators is to make sure that the banking system has appropriately accounted for these risks and is just prepared to mitigate them,” she said Thursday. Aggressive greenhouse gas emissions policies that make fossil fuels more expensive could devalue the assets held by banks, harming investments in firms whose business models rely on carbon-intensive goods and services, Raskin and other climate experts have said. Raskin has said that financial institutions should account for the risks posed by climate change. “President Biden’s nominee for Fed Vice Chair wants unelected bureaucrats to financially bully the private sector into policy changes which lack enough support to become law the honest way,” McConnell said. McConnell, a Kentucky Republican, blasted Raskin on the Senate floor Thursday, saying she would go beyond the Fed’s limited dual mandate to “pursue liberal environmental goals.” Sarah Bloom Raskin (born April 15, 1961) is an American attorney and regulator who served as the 13th United States Deputy Secretary of the Treasury from 2014 to 2017. “The idea will be to allocate capital away from the heavily carbon-emitting parts of our economy,” he said. Toomey said the Fed’s plans to assess banks’ exposure to climate risks will inevitably lead to new restrictions, such as increased capital requirements or limits on their exposure to fossil fuel industries. Pat Toomey (R-Pa.), the top Republican on the Banking Committee, said. “This is one of the most remarkable cases of confirmation conversion I have ever seen,” Sen. Republicans were not satisfied and accused Raskin of reversing herself on long-standing positions. Pressed to explain her view, Raskin said it is “inappropriate for the Fed to make credit decisions and allocations based on choosing winners and losers.” And she said her op-ed was about decisions the Fed had made about emergency lending programs, not as part of the supervisory process. Senate Banking Republicans kept returning to Raskin’s earlier speeches and writing, including a New York Times op-ed in which she criticized the Fed for making changes to its emergency pandemic lending programs that she said would benefit struggling oil and gas firms. Senate Minority Leader Mitch McConnell jumped into the fray after the hearing, accusing her of planning to “bully” the private sector. Compare Standard and Premium Digital here.Īny changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.Raskin’s nomination has turned into a battleground over the role the central bank should play in encouraging financial institutions to assess and mitigate the risks they face from climate change. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.įor cost savings, you can change your plan at any time online in the “Settings & Account” section. For a full comparison of Standard and Premium Digital, click here.Ĭhange the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Standard Digital includes access to a wealth of global news, analysis and expert opinion. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
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