![]() SUMMERS: Now, I know this fight has been getting a lot of attention in Washington, but there are also several other Fed nominations that have been stalled. In her letter to the president this afternoon, Raskin wrote that she wasn't concerned about attacks on her character, but she did worry about the effect this would have on, quote, "the willingness of competent and devoted people to serve in government." Raskin denied that, but it was one more cloud that opponents could use to stall and, ultimately, sink her nomination. At first, it was denied, but then later its application was granted, and Republican senators wanted to know if Raskin had improperly used her government contacts to win preferential treatment for the company. That company had applied for a Fed master account, which means access to the central bank's payment system. But after she left government, she worked on the board of a company called Reserve Trust in Colorado. Raskin had previously served on the Fed board and at the Treasury Department. SUMMERS: And as I understand, there had also been some questions about her work on behalf of a financial technology company located in Colorado. And when Democratic Senator Manchin of West Virginia came out against her on Monday, that was the end of the line. So for weeks, Republican senators had kept Raskin's nomination bottled up in committee by boycotting a vote. But the fossil fuel lobby wields a lot of power, especially right now when Americans are paying more than $4 a gallon for gasoline. Now, Raskin insisted during her confirmation hearing that it would be up to banks to decide who to lend money to. ![]() Their reluctance stands in stark contrast to financial regulators in other rich countries, where policies and processes are being reimagined to accelerate a rapid, orderly, and just transition to a renewable, biodiverse, and sustainable economy.HORSLEY: In a statement this afternoon, President Biden said Raskin had been the target of, quote, "baseless attacks from industry and conservative interest groups." Raskin has been outspoken in arguing that financial regulators should pay more attention to the financial risks posed by climate change, which, by the way, is something the Fed is already doing.īut President Biden wanted to make Raskin the Fed's top bank regulator, and senators from energy-rich states worried that might discourage banks from lending money to fossil fuel companies. Those who cannot easily relocate or afford sufficient property and casualty insurance are increasingly vulnerable.ĭespite these growing costs, US financial regulators have yet to show that they are thinking creatively about potential solutions. They are here now, and though they are being shouldered across the board, the people who feel them most intensely have less access to information, work outdoors, or live in insufficiently protective conditions. These costs are no longer theoretical or far off. Entire communities have been displaced by savage storms and intolerable temperatures, and rising sea levels and unstable agricultural production threaten to destroy millions of jobs. Just as extreme weather is claiming more and more human lives, more and more species are being lost to extinction. DURHAM – As this year’s brutal summer showed, it has become increasingly easy to track the consequences of climate change.
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