Raskin has said that financial institutions should account for the risks posed by climate change. “President Biden’s nominee for Fed Vice Chair wants unelected bureaucrats to financially bully the private sector into policy changes which lack enough support to become law the honest way,” McConnell said. McConnell, a Kentucky Republican, blasted Raskin on the Senate floor Thursday, saying she would go beyond the Fed’s limited dual mandate to “pursue liberal environmental goals.” “The idea will be to allocate capital away from the heavily carbon-emitting parts of our economy,” he said. Toomey said the Fed’s plans to assess banks’ exposure to climate risks will inevitably lead to new restrictions, such as increased capital requirements or limits on their exposure to fossil fuel industries. Pat Toomey (R-Pa.), the top Republican on the Banking Committee, said.
“This is one of the most remarkable cases of confirmation conversion I have ever seen,” Sen.
Republicans were not satisfied and accused Raskin of reversing herself on long-standing positions. Pressed to explain her view, Raskin said it is “inappropriate for the Fed to make credit decisions and allocations based on choosing winners and losers.” And she said her op-ed was about decisions the Fed had made about emergency lending programs, not as part of the supervisory process. Senate Banking Republicans kept returning to Raskin’s earlier speeches and writing, including a New York Times op-ed in which she criticized the Fed for making changes to its emergency pandemic lending programs that she said would benefit struggling oil and gas firms. Senate Minority Leader Mitch McConnell jumped into the fray after the hearing, accusing her of planning to “bully” the private sector. Raskin’s nomination has turned into a battleground over the role the central bank should play in encouraging financial institutions to assess and mitigate the risks they face from climate change.
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