![]() This would provide much-needed relief for Americans at the gas pump and end our reliance on adversaries for our energy needs. should renew efforts to ensure we are energy independent. The Fed should not be used by those serving on its board to advocate for a radical far-Left agenda.Īmid rising gas prices and the ongoing crisis in Ukraine, the U.S. Toomey believes, it is important that whoever serves be impartial to the industries they regulate. Such actions not only threaten both the Fed’s independence and effectiveness but would also weaken economic growth. Pat Toomey (R-PA), Ranking Member of the Senate Banking Committee, recently commented that if confirmed, Raskin “ would abuse the Fed’s narrow statutory mandates on monetary policy to have the central bank actively engaged in capital allocation. Choosing favored industries to funnel capital to, based on personal political desires, would be a radical move for a nominee to the Federal Reserve. It is certainly not the role of those serving on the Fed to go after a specific industry to achieve an unrelated political desire, which is what Raskin seems to want to do by acting as a climate change advocate. ![]() banking system and money supply to ensure low, stable inflation and support strong economic growth. However, activist intervention is not part of the mission of the Federal Reserve, which is instead tasked with regulating the U.S. At issue here is that Raskin, as an unelected bureaucrat, wants to divert capital from fossil fuel companies. ” Raskin believes that the central bank should weaponize stress testing to go after the oil and gas industry, regarding it as a financial regulatory tool that regulators should use to penalize banks serving fossil fuel companies. Raskin claims that financial institutions, including the central bank, need to be used to move our Nation into a “ net-zero economy and away from climate change disaster. oil and gas companies shows a commitment to an ideology that defies practical judgment, considering the record-high energy prices we are facing in this country and is an inaccurate view of the Federal Reserve’s duty as the key regulator of our Nation’s banks. Raskin’s longstanding and recent attack on U.S. Unfortunately, Raskin’s recent public statements underscore a desire to transform the Fed into a politicized institution of climate change advocacy at a time of 40-year high inflation and record-high energy prices for American families. financial system and become a pivotal voice in setting interest rates for our Nation’s banks. If confirmed, Raskin would be put in charge of regulating the U.S. We also support more rigorous scrutiny of bank mergers.President Joe Biden recently nominated Sarah Bloom Raskin to serve as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System. Along with managing inflation and the nation’s economic recovery from the pandemic, the FRB is on a path, joined with the other bank regulatory agencies, to propose stronger rules and better enforcement of the Community Reinvest Act. “These nominations come at a critical moment for the FRB. ![]() Both come with extensive economic policy-making experience, and as African Americans, they will make the Fed a more representative institution and, I hope, one that goes deeper and achieves more to address the nation’s enduring racial economic divide. “We’re also encouraged by the nominations of Lisa Cook and Philip Jefferson to serve as Fed Governors. These nominations demonstrate the president’s continued commitment to advancing financial security for underserved people and communities. We know she will bring this same commitment to her new position on the FRB, and that she will ensure the needs of low- and moderate-income Americans are a priority as we continue to recover from the Covid pandemic. During her tenure in the Treasury Department, Sarah Bloom Raskin served as an outstanding voice for all consumers, defended safeguards in the marketplace and looked for new ways to bring us closer to a just economy. “We applaud the nominations of Sarah Bloom Raskin as Federal Reserve Board Vice Chair for Supervision, and Lisa Cook and Philip Jefferson as Governors. Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition (NCRC), made the following statement: ![]() President Biden today nominated former Treasury Department Deputy Secretary Sarah Bloom Raskin to serve as the Vice Chair for Supervision of the Federal Reserve Board and Lisa Cook and Philip Jefferson as Governors. ![]()
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