On Monday, 13 trade associations wrote to Sen.
#Sarah bloom raskin party full#
She went on to criticize the Fed’s willingness to support lending to fossil fuel companies in its efforts to bolster the financial sector in the depths of the pandemic recession.Īnd at a conference last year, Bloom Raskin suggested that financial regulators should support “a rapid, orderly and just transition away from high emission assets.”ĭespite opposition from Republicans, most observers say she will likely be confirmed by the full Senate, which could vote as early as this month. Two years ago, in an opinion column in the New York Times, Raskin called oil and gas a “dying” industry. Raskin’s opponents have zeroed in on comments she has made suggesting that regulators should discourage banks from lending to oil and gas companies.
Bloom Raskin has been outspoken in her belief that climate change poses risks to the economy and the financial system and that regulators should factor those risks into their oversight. What many in the oil and gas industry fear is something more far-reaching: That the Fed may eventually take steps to discourage banks from lending to energy companies - the first time, they say, that the central bank would be acting to disadvantage a specific industry.Ī host of trade associations and business groups have written to the Senate Banking Committee in advance of the hearing, expressing concern about the nomination of Bloom Raskin to be the Fed’s vice chair of supervision, the board member who leads its regulation of banks. The Fed is already moving toward analyzing the risks that banks face from rising temperatures and changing weather patterns. WASHINGTON (AP) - How far the Federal Reserve can go to compel banks to consider the consequences of climate change in their lending policies could take center stage at a Senate hearing Thursday on the nominations of Sarah Bloom Raskin and two economists to the Fed’s influential Board of Governors.
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