Move comes as West Virginia Sen. Joe Manchin announced that he opposed Raskin’s confirmation.
If any portion of the United States of America remains recognizable in 2024, we may have Senator Joe Manchin (D-WV) to thank.
Concerned about the coal mining constituents who voted for him, rather than his clean-energy-connected Democratic colleagues, Manchin announced Monday that he opposed the confirmation of Sarah Bloom Raskin to become the Federal Reserve’s regulation chief. In her writings and statements, Raskin expressed a keen interest in having regulating agencies and banks force the adoption of clean energy and the curtailing of the fossil fuel industry.
Raskin’s withdrawal comes a day after Sen. Joe Manchin, a conservative Democrat from West Virginia, said he could not support the 60-year-old’s nomination to be the Federal Reserve’s vice chair for supervision, one of the world’s most powerful banking regulators.
Manchin’s decision would have made her confirmation nearly impossible in a Senate split 50-50 between Democrats and Republicans.
…Raskin’s nomination ran into trouble in early February when Senate Republicans made it clear they opposed her prior remarks critical of the U.S. fossil fuel industry and her research into bank lending away from major oil, gas and coal producers.
Republicans also had made an issue of Raskin’s prior stint as a member of the board of the financial tech company Reserve Trust, which she joined after leaving her post as a deputy Treasury Department secretary.
Reserve Trust obtained a coveted master account at the Federal Reserve after Raskin personally intervened in the issue when the company was initially denied that status.
Biden blasted the move, which means it likely is one of the few beneficial moments we will have during his entire administration.
The withdrawal is a major blow for the Biden administration, which has struggled to advance its financial nominees through the evenly divided Senate. It came a day after Sen. Joe Manchin of West Virginia, a key Democratic vote in the evenly divided chamber, said Monday that he couldn’t support Ms. Raskin’s nomination, citing her views on addressing climate change.
“Despite her readiness—and despite having been confirmed by the Senate with broad, bipartisan support twice in the past—Sarah was subject to baseless attacks from industry and conservative interest groups,” Mr. Biden said in a written statement.
Theoretically, the current administration may be forced to opt for a new moderate candidate or leave the post open for the foreseeable future.
“If the White House decides to find another nominee for the supervision post, we presume it will be someone who’s viewed as more moderate,” Ian Katz, managing director of Capital Alpha Partners, wrote on Monday.
…Other names for the role previously in the mix: Treasury Undersecretary Nellie Liang; Atlanta Fed President Raphael Bostic; Acting Comptroller of the Currency Michael Hsu; and Richard Cordray, who was head of the Consumer Financial Protection Bureau during the Obama administration and who now oversees student loans.
It took a bit of digging, but I managed to uncover a sample of Raskin’s climate alarmist drivel. This chestnut was published in the autumn of 2021:
As this year’s brutal summer showed, it has become increasingly easy to track the consequences of climate change. Just as extreme weather is claiming more and more human lives, more and more species are being lost to extinction. Entire communities have been displaced by savage storms and intolerable temperatures, and rising sea levels and unstable agricultural production threaten to destroy millions of jobs.
These costs are no longer theoretical or far off. They are here now, and though they are being shouldered across the board, the people who feel them most intensely have less access to information, work outdoors, or live in insufficiently protective conditions. Those who cannot easily relocate or afford sufficient property and casualty insurance are increasingly vulnerable.
Despite these growing costs, US financial regulators have yet to show that they are thinking creatively about potential solutions. Their reluctance stands in stark contrast to financial regulators in other rich countries, where policies and processes are being reimagined to accelerate a rapid, orderly, and just transition to a renewable, biodiverse, and sustainable economy.
Forward to 2022: Germany, one of those “rich countries” touted,” has just done an about-face and will expand natural gas and coal options.
Germany signalled a U-turn in key energy policies on Sunday, floating the possibility of extending the life-spans of coal and even nuclear plants to cut dependency on Russian gas, part of a broad political rethink following Moscow’s invasion of Ukraine.
…In a landmark speech on Sunday, Chancellor Olaf Scholz spelled out a more radical path to ensure Germany will be able to meet rising energy supply and diversify away from Russian gas, which accounts for half of Germany’s energy needs.
In a nutshell, we dodged a green-energy-powered bullet.DONATE
Donations tax deductible
to the full extent allowed by law.