Fiduciary duty rules, too, may need to be reimagined.” She proposes that, “Supervisory adjustments will have to take climate disclosures into account and the Fed will need to use climate risk data to make decisions on asset purchases. Raskin followed up her New York Times piece with one in the JanuFinancial Times, declaring it was time for the Federal Reserve to encourage banks to stop investing in fossil energy companies. Her support for using the Federal Reserve to bend the economy to her political objectives will influence every decision she makes as the top bank regulator, even if it means exceeding the authority granted by Congress. It is also better for the environment to produce energy here rather than import more of it from countries with lower environmental standards. Such investment is good for our economy, our workers, and our balance of trade. We should work to make sure this American industry has access to capital to produce more domestic energy. The country still will be using fossil fuels for many decades to come. Imagine how much worse the current inflation would be had the Federal Reserve taken Ms. Raskin compounded her error when she added that, “The decisions the Fed makes on our behalf should build toward a stronger economy with more jobs in innovative industries-not prop up and enrich dying ones.”įar from dying, traditional American energy is essential today. She claimed, “The Fed is ignoring clear warning signs about the economic repercussions of the impending climate crisis by taking action that will lead to increases in greenhouse gas emissions at a time when even in the short term, fossil fuels are a terrible investment.”Įven President Biden’s nominee for Federal Reserve Vice Chair, Lael Brainard, explained at her nomination hearing, that she understood that the Federal Reserve could not discriminate against businesses which the radical left considers unfashionable. Congress designed this program specifically to prevent sound businesses from succumbing to the economic collapse the pandemic caused. In a May 28,2020 opinion piece in the New York Times, “Why Is the Fed Spending So Much Money on a Dying Industry?,” she argued that that the Federal Reserve should have excluded fossil fuel companies from the emergency lending program that Congress authorized under the CARES Act. Raskin has said she would look for ways to block it. Instead of looking for ways to encourage investment in traditional American energy, Ms. If this underinvestment continues, today’s energy inflation will accelerate. I have attached that op-ed to this letter for your reference. Recently, I wrote in Newsweek on the dangers of the Biden administration’s efforts to block investment in all types of American energy. energy producers to keep pace with post-COVID demand growth. oil and natural gas projects, which is affecting the ability of U.S. We are already seeing signs of underinvestment in U.S. Raskin has given every indication she will impede companies from raising capital for new energy projects. This nomination is part of President Biden’s war on American oil, natural gas, and coal-the source of nearly four-fifths of our nation’s energy. Raskin is the wrong choice at any time, but especially now when American families already are suffering from the hardship of policy-induced high energy prices. Sarah Bloom Raskin to be Vice Chair of Supervision at the Federal Reserve, a position that would give her tremendous regulatory power over banks and finance. I am writing to you in strong opposition to the nomination of Ms. He specifically highlights a 2021 piece Raskin wrote in the Financial Times that declares it’s time for the Federal Reserve to encourage banks to stop investing in fossil energy companies.īarrasso’s letter was sent ahead of the Senate Banking Committee’s hearing on Raskin’s nomination this Thursday, February 3.ĭear Chairman Brown and Ranking Member Toomey, Barrasso points to Raskin’s past statements opposing investment in the American fossil fuel industry. In the letter, Barrasso highlights Raskin’s nomination as part of President Biden’s war on American oil, natural gas, and coal. Sarah Bloom Raskin to be vice chair of supervision at the Federal Reserve. Senate Banking Committee Chairman Sherrod Brown (D-OH) and Ranking Member Pat Toomey (R-PA) voicing his opposition to the nomination of Ms. Senator John Barrasso (R-WY), ranking member of the Senate Committee on Energy and Natural Resources (ENR), sent a letter to U.S.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |