Climate battle at center stage in DC over Fed nominee Raskin

Economy

Published: February 1, 2022 10:19 am

By David Callaway, Callaway Climate Insights

Climate change hits the big time in Washington D.C. this week as the backdrop for a rare battle over a nomination to the Federal Reserve Board.

With vitriol and apocalyptic forecasts usually reserved for a fight over a Supreme Court Justice or a hearing for tech CEOs, a gang of red state treasurers and oil and gas companies are pushing for the rejection of President Joe Biden’s nomination of Sarah Bloom Raskin to the central bank’s vice chair of supervision.

The role would make Raskin the top supervisor of Wall Street, something she has done before at a state level and been involved in before in another position at the world’s leading central bank. But the opposition fears she will use the role to push banks to choke off credit to oil and gas companies. A nomination hearing Thursday looks set to be the highlight of the week in the nation’s capital. . . .

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