![]() The offices of other senators who voiced influential opposition to Raskin, including Susan Collins, R-Maine, and Lisa Murkowski, R-Alaska, did not respond to a request for comment, nor did the American Petroleum Institute, which represents oil and gas companies.Īctivists contend that, despite the setback, federal scrutiny of the risks that banks assume when lending to fossil fuel companies is still coming. Asked for a response to criticism from climate activists, his office pointed to his statement from Monday. Manchin is the largest recipient in Congress of campaign donations from fossil fuel companies. The Bank of England did the same last June. In January, the European Central Bank launched a climate risk stress test that will examine banks’ preparation for financial and economic shocks caused by climate change. “We’re already behind the rest of the world and the European Central Bank on some common-sense steps, and that’s where the future is headed,” Raad said. “I do think that without her expertise it’s going to be harder to do the work they need to do.”īut they insist that, despite losing the battle, they are still winning the war over regulation of climate risk. “It speaks to how captive our system is, and certain members are, to the fossil fuel industry,” Jamal Raad, executive director of Evergreen Action, told Yahoo News. (Kent Nishimura/Los Angeles Times via Getty Images) He worried that Raskin’s preferred policies would choke off access to capital for fossil fuel companies that want to build new infrastructure to increase production. Manchin’s opposition, announced on Monday, was the death knell for Raskin’s prospects in an evenly divided Senate. But her nomination by President Biden to be the Fed’s vice chair for supervision was sunk by opposition from Republicans and Sen. Raskin had previously received unanimous support both when confirmed to serve on the Fed’s board and in the Treasury Department under former President Barack Obama. Climate activists call for the Fed to impose rules on lending institutions that require disclosure of their climate risks, and for the Fed to analyze whether financial institutions will be able to withstand climate change. For example, banks face additional risks when they lend to areas prone to increasingly destructive extreme weather events or when they are heavily invested in fossil fuel infrastructure that may become unusable when coal, oil and gas are supplanted by cleaner sources of energy. financial system posed by climate change. Raskin was an advocate of examining the systemic risks to the U.S. ![]() Sarah Bloom Raskin, nominated to be vice chairman for supervision and a member of the Federal Reserve board of governors, at a Senate confirmation hearing on Feb. ![]()
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