Republicans skewered Sarah Bloom Raskin, President Biden’s nominee to become the Fed's top banking regulator, over concerns that her climate regulation views could endanger the Fed's independence.
regulation views, expressing concern that she could endanger the independence of the U.S. central bank.
Sen. Pat Toomey, the top Republican on the Senate Banking Committee, has long said that climate change falls under the purview of elected officials – not central banks – and warned of a "mission creep" in which the Fed starts operating beyond its defined mandate of stable prices and full employment.
Raskin appeared to try to get ahead of the criticism by stressing in her opening remarks that the role has no power to direct banks to make loans only to specific sectors, or to avoid making loans to particular sectors. Raskin maintained that she believed it is "inappropriate" for the Fed to make credit decisions and allocations based on "choosing winners and losers."
The Washington policy stalwart faced a similar line of questioning from Sen. John Kennedy, R-La., who sounded the alarm over a May 2020 New York Times op-ed that Raskin penned titled "Why Is the Fed Spending So Much Money on a Dying Industry?" In the
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