Sarah Bloom Raskin, President Biden’s nominee to become the Federal Reserve's top Wall Street regulator, could face difficult questions from Senate Republicans on Thursday over concerns that her 'extreme' stances on issues like climate change could endanger the central bank's independence.
Raskin has previously argued that all financial institutions should re-evaluate their relationships with energy companies and has advocated for a push toward sustainable investments that do not depend on carbon and fossil fuels. If banks and other financial institutions do not take these steps to distance themselves from fossil-fuel companies, Raskin has said the Fed should penalize them.
The Republican lawmakers on the Senate Banking Committee contrasted Raskin's statements to those of Fed Chairman Jerome Powell, who has largely steered clear of advocating for more governmental action on climate change. . As vice chair for supervision, Raskin – a Duke University law professor who has held high-level jobs at both the Treasury Department and the Fed – would oversee annual stress tests that review bank safety and liquidity.
Although Republicans are already gearing up to fight Raskin's nomination as the Fed's top regulatory czar, she is expected to be confirmed by the full Senate, which could vote as soon as this month.
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