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.

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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.”

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.


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