'This is a campaign that’s been manufactured against Sarah Bloom Raskin by the fossil-fuel industry for the sin she’s committed of telling the truth about the dangers of carbon emissions,” Sheldon Whitehouse, a Democratic senator from Rhode Island, told me.
“And, as usual, the fossil-fuel industry is hiding behind a bunch of phony front groups to hide their hand.' "
Read entire article here
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"I fear… many in and outside the Senate are unwilling to acknowledge the economic complications of climate change
and the toll it has placed, and will continue to place, on Americans. Addressing the transition of the economy as it grapples with
the effects of climate change is critical to the future of American prosperity. I stand with the vast majority of financial regulators
and central banks in the United States and abroad recognizing these facts.
..The public understands that it will pay the price again for deliberate indifference by government
to harsh scientific and economic truths."
Sarah Bloom Raskin's Letter to President Biden
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Sarah Bloom Raskin Withdraws Her Nomination
to the Federal Reserve Board
By Jane Mayer
March 15, 2022
On Tuesday, in the face of what she described as “relentless attacks by special interests” who oppose her frank acknowledgment that climate change could pose a threat to economic stability, Sarah Bloom Raskin submitted a letter to President Joe Biden withdrawing as his nominee to become the vice-chair for supervision of the Federal Reserve Board. For weeks, Raskin noted, the Republicans on the Senate Banking Committee “held hostage” not only her nomination but those of Biden’s four other picks to run the Fed, including the reappointment of its chair, Jerome Powell.
Bloom Raskin's fate was sealed on Monday when Joe Manchin, the Democratic Senator from West Virginia, signaled that he would oppose her confirmation because she "failed to satisfactorily address my concerns about the critical importance of financing an all-of-the-above energy policy to meet our nation's critical energy needs."
Manchin's family fortune is largely derived from coal, and he has taken more money from fossil-fuel interests than any other senator during the current cycle.
Every Republican member of the Senate Banking Committee has also taken money from fossil-fuel interests, cumulatively accepting more than eight million dollars during their political careers from the producers of the carbon emissions that are helping to cause climate change.
Read Full Article Here
to the Federal Reserve Board
By Jane Mayer
March 15, 2022
On Tuesday, in the face of what she described as “relentless attacks by special interests” who oppose her frank acknowledgment that climate change could pose a threat to economic stability, Sarah Bloom Raskin submitted a letter to President Joe Biden withdrawing as his nominee to become the vice-chair for supervision of the Federal Reserve Board. For weeks, Raskin noted, the Republicans on the Senate Banking Committee “held hostage” not only her nomination but those of Biden’s four other picks to run the Fed, including the reappointment of its chair, Jerome Powell.
Bloom Raskin's fate was sealed on Monday when Joe Manchin, the Democratic Senator from West Virginia, signaled that he would oppose her confirmation because she "failed to satisfactorily address my concerns about the critical importance of financing an all-of-the-above energy policy to meet our nation's critical energy needs."
Manchin's family fortune is largely derived from coal, and he has taken more money from fossil-fuel interests than any other senator during the current cycle.
Every Republican member of the Senate Banking Committee has also taken money from fossil-fuel interests, cumulatively accepting more than eight million dollars during their political careers from the producers of the carbon emissions that are helping to cause climate change.
Read Full Article Here