Biden Fed nominee says regulators should push to ‘allocate capital’ away from fossil fuels

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President Biden’s nominee to be the vice chair for supervision at the Federal Reserve is emerging as a fresh target for Senate Banking Committee Republicans after they blocked Saule Omarova’s nomination to be the comptroller of the currency last year.

The president nominated Sarah Bloom Raskin, a former deputy secretary of the Treasury and former governor of the Federal Reserve Board, for the vice chair for supervision job last week. Raskin is a professor at the Duke University School of Law.

Biden said she is “among the most qualified nominees ever for the position of vice chair for supervision,” and the White House touted her experience “pursuing innovative solutions to enhance … the resilience of our country’s critical financial infrastructure, particularly as it related to climate risk.”

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But Senate Banking Committee Ranking Member Pat Toomey, R-Pa., said Friday that Raskin’s past work and statements on climate issues raise concerns she might try to go beyond the mandate of her role at the Fed.

www.foxbusiness.com/politics/biden-fed-nominee-raskin-oil-fossil-fuel-investment

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