Sarah Bloom Raskin, President Biden’s nominee to become the Federal Reserve's top Wall Street regulator, could face difficult questions from Senate Republicans on Thursday over concerns that her 'extreme' stances on issues like climate change could endanger the central bank's independence.
Raskin has previously argued that all financial institutions should re-evaluate their relationships with energy companies and has advocated for a push toward sustainable investments that do not depend on carbon and fossil fuels. If banks and other financial institutions do not take these steps to distance themselves from fossil-fuel companies, Raskin has said the Fed should penalize them.
The Republican lawmakers on the Senate Banking Committee contrasted Raskin's statements to those of Fed Chairman Jerome Powell, who has largely steered clear of advocating for more governmental action on climate change. . As vice chair for supervision, Raskin – a Duke University law professor who has held high-level jobs at both the Treasury Department and the Fed – would oversee annual stress tests that review bank safety and liquidity.
Although Republicans are already gearing up to fight Raskin's nomination as the Fed's top regulatory czar, she is expected to be confirmed by the full Senate, which could vote as soon as this month.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden Fed nominees brace for tense Senate hearingThe confirmation hearing for three Biden nominees to the Fed will be a high-stakes and potentially tense affair. If one were to falter, it would undermine Biden's push to remake the Fed to be more concerned about climate change and racial equality.
Read more »
Senate Dem leader meets with Biden to talk Supreme CourtPresident Joe Biden had Senate Majority Leader Chuck Schumer over to the White House on Wednesday to talk about how to fill an upcoming vacancy on the Supreme Court, according to a person familiar with the negotiations.
Read more »
IL Senate Republicans reintroduce legislative bills that crack down on violent crime'How many more people need to be shot, how many cars need to be hijacked,' said State Sen. Chapin Rose (R) Springfield.
Read more »
How well do Senate Republicans remember 'the Kavanaugh thing'?.MaddowBlog: 'The Kavanaugh thing' appears to refer to a Senate process in which one party took the allegations seriously, and the other preferred to ignore them.
Read more »
Senate Republicans press Japanese American judge over law school articleU.S. Magistrate Judge Kenly Kato, nominated to a federal court in California, was asked about a 1995 book review in which she said neoconservative Asian Americans “internalize the dialogue of oppressors.”
Read more »
Biden administration 'botched' Afghan evacuation: Senate Republican reportTens of thousands of Afghans who worked for the U.S. government were left stranded in Afghanistan because the Biden administration failed to properly plan for a large-scale evacuation, according to an upcoming report by Senate Republicans.
Read more »