![]() ![]() That is nothing less than those Senators politicizing the Fed by picking winners and losers and carving out special treatment for their special interests. They want the Fed to create a special exemption for any risks arising from the fossil fuel industry, in effect insisting on a de facto prohibition on the Fed from even looking at risks arising from climate. McConnell, Toomey, other Republicans on the Committee) are trying to bully the Fed into ignoring well-known and recognized risks related to climate. Second, the fossil fuel industry & their allies (again including Sens. Raskin’s statements aligned with what Chair Powell, former VCS Quarles, Wall St’s biggest banks & financial industry leaders have said about climate, it’s the fossil fuel industry & their political allies who are out of the mainstream on the risks posed by climate. Although unmentioned by the media (and distorted by Republicans), two things became clear during the hearing.įirst, given that Ms. Our CEO Dennis Kelleher responded in real-time during the hearing on Twitter, which can be found here: on Twitter. Unfortunately, those distortions – and more – were repeated during her Committee nomination hearing (which can be watched here). It’s clear her opponents were mischaracterizing and cherry-picking her statements out of context. the caricature that others were saying she said. 3 rd, we put out a Fact Check Memo (with links to original sources) so that people could judge for themselves what she actually said vs. That’s why, before the Senate Banking Committee hearing on Feb. Instead, critics and opponents of some of the nominees unfairly and baselessly distorted their records-especially Ms. All the members of the Committee should have voted on all the nominees in the ordinary course. They were fully committed to the Fed’s statutory mandates to promote banks’ safety and soundness and financial stability while protecting the Fed’s independence. As we said here when they were announced, President Biden’s nominees to the Federal Reserve Board were unquestionably well qualified and brought a wealth of long-overdue experience. However, this conduct was nothing less than Republicans and other fossil fuel industry allies serving their special interests rather than the country, which, at a critical time of economic and financial peril, needed the Federal Reserve Board to be fully staffed and functioning. Raskin withdrew her nomination the Republican Committee members then attended a Committee meeting and the full Committee voted on the other nominees, all of whom are now confirmed and working members of the Federal Reserve Board. To end this standoff and enable a vote on the other four nominees, Ms. Rather than doing their job and voting against Sarah Bloom Raskin, nominated for the Vice-Chair for Supervision, due to their mischaracterization of her statements related to climate risks, they decided to create a de facto procedural veto on her nomination by holding the four other nominees hostage. Initially, all the Republican members of the Senate Banking Committee took the unprecedented action of boycotting any Committee hearings to prevent a vote on any of the then-five nominees. We welcomed his confirmation and released a detailed agenda for this vital regulatory role. Finally, as discussed below, after the fossil fuel industry killed the nomination of the highly qualified, mainstream nomination of Sarah Bloom Raskin, the Senate confirmed Michael Barr to be Vice Chair for Supervision. Philip Jefferson and Chair Jerome Powell. ![]() We were also pleased to see the Senate confirm Dr. Cook’s historic trailblazing role as the first Black woman to serve on the Fed Board in its 109-year history. We applauded those confirmations and celebrated Dr. ![]() (Plus, such an unfair process is almost certain to cause highly qualified people of both parties to refuse to serve in public office in the future.)Īfter overcoming Republican obstruction and delays, the Senate confirmed Dr. In particular, the politicization and threat to the Fed’s independence as well as to the most basic bank risk analysis from the actions of the fossil fuel industry’s political allies cannot be overstated. The saga of President Biden’s five nominees for the Federal Reserve Board has reached an end, but it’s important to remember how we got here, and the key issues raised by a process that will likely set a dangerous precedent. ![]()
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