Spokespeople for Toomey and several other lawmakers on the committee, including Sens. business community and merit the Committee’s scrutiny.” Sherrod Brown of Ohio, the panel’s top Democrat, to flag several of Raskin’s past statements - including on climate risk - that “have raised concerns among the U.S. Late last week, the lobbying group wrote a letter to Toomey and Sen. Toomey said in a statement that he has “serious concerns that she would abuse the Fed’s narrow statutory mandates on monetary policy and banking supervision.” Pat Toomey (R-Pa.), the top Republican on the Senate Committee on Banking, Housing and Urban Affairs, which will vet the nomination, was quick to slam Raskin’s climate record specifically. The pick elicited praise from finance experts and progressives who welcomed the news given Raskin’s tenure in government, her reputation as a tough financial regulator, and her leadership on issues including cybersecurity and climate change ( Climatewire, Jan. Aside from serving on the Fed board, the Harvard Law School graduate also was formerly a deputy Treasury secretary during the Obama administration and Maryland’s top financial regulator. The White House announced earlier this month that Biden would nominate Raskin, 60, to be the Fed’s vice chair for supervision, a role created in the aftermath of the 2007-08 financial crisis to monitor emerging financial risks.
Raskin’s outspokenness on climate is completely legitimate because it is an existential threat, and because climate-related shocks do pose threats to financial stability, and to the safety and soundness of financial firms and markets.” He currently co-directs New York University’s Volatility and Risk Institute.īut ultimately, Berner added, “Ms. “To the extent that her confirmation is viewed as a referendum on getting central banks involved in climate-related risks, it’s possible there’s going to be a lot of controversy surrounding that,” said Richard Berner, an Obama-era director of the Treasury Department’s Office of Financial Research. On Raskin specifically, they say her climate focus is not only appropriate but necessary, given the solidifying global consensus that rising temperatures pose tangible threats to individual firms and financial systems more broadly. Republicans, for their part, have warned financial officials against addressing climate issues on the grounds that doing so is inherently political and outside the Fed’s authority.ĭemocrats, progressive groups and a growing number of financial regulatory experts argue the opposite. Those statements likely will serve as a lightning rod as her nomination moves forward this week. And she consistently has called on regulators to use all of the tools at their disposal to ensure the firms they oversee prepare for the realities of a warming world. It does not store any personal data.At the outset of the Covid-19 pandemic, she warned the Fed against pouring federal dollars into beleaguered oil and gas companies that faced an uncertain future long before the virus circled the globe. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin.
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