"President Biden’s nominee to be the Federal Reserve’s top banking regulator came out swinging yesterday against Republican assertions that she’s on a mission to combat climate change by diverting dollars away from the oil and gas sector.

In a highly anticipated hearing before the Senate Committee on Banking, Housing and Urban Affairs, Sarah Bloom Raskin faced a flurry of questions from GOP lawmakers about her previous remarks on the Fed’s responsibility to address the financial threats of global warming.

Their main accusation: That Raskin, a former Fed governor who Biden tapped to be the central bank’s next vice chair for supervision, would lead a politicized charge to starve high-carbon companies of cash — a move that would fall outside the Fed’s mandate from Congress.

“If Ms. Raskin is confirmed, there is going to be an effort at the Fed to start with a climate scenario analysis, that’s what it’s called — and you can be sure that that had better show all kinds of risks — and then the Fed will respond to that analysis,” said Sen. Pat Toomey of Pennsylvania, the panel’s top Republican."

Avery Ellfeldt reports for E&E News February 4, 2022. [2]

SEE ALSO:

"Fed Nominee Pushes Back Against GOP Claims Of Anti-Oil Bias" (AP) [3]