American oil and natural gas is developed under strict environmental controls with industry-driven technologies that make it the most sustainably produced in the world. Oil and natural gas provide the feedstock for thousands of products used every day, from anything with a computer chip to the COVID vaccines that have saved millions of lives across the globe.

We provide 70% of the nation’s energy that supports life-sustaining functions such as keeping Americans warm in the winter, getting them to work and school to better their lives, powering ICUs and enabling medical devices, and delivering food to the dinner table. “We are 41 trade associations representing millions of workers all across the country. The day after the Chamber published its letter, the Western Energy Alliance also wrote the Senate Banking Committee opposing Raskin’s nomination: Raskin to maintain the political independence of the Board and stay committed to its statutory mission.” We encourage you to secure a commitment from Ms. After the recent push by Board members at the Federal Deposit Insurance Corporation (FDIC) to usurp the Chair’s authority, we have serious concerns about similar politicization at the Federal Reserve. Governors have a long history of collegiality and professionalism in how they interact with each other and of deferring to the Chair on setting the agenda for the Board. The Federal Reserve is designed to adhere to its statutory mandate and remain independent from political influence. Please explain her statements proposing to deny oil and gas companies access to the Federal Reserve’s 13(3) emergency lending facilities, including those explicitly authorized by Congress via the CARES Act?….Is it the role of the Federal Reserve to direct capital away from certain industries that are politically disfavored or direct capital towards industries that are politically favored?.She has also advocated for federal regulators to transition financing away from the fossil fuel industry in her writings and public comments. Raskin has been critical of the Federal Reserve for allowing oil and gas companies to access the emergency 13(3) facilities during the COVID-19 pandemic. business community and merit the Committee’s scrutiny…. Raskin’s past actions and statements have raised concerns among the U.S. This position enforces and helps develop the regulations that are the bedrock of competitive financial markets. “The Chamber urges the Committee to raise several important issues with Sarah Bloom Raskin when considering her nomination to serve as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System. Chamber of Commerce, which published the letter it sent to the Members of the Senate Committee on Banking, Housing, and Urban Affairs: Several business-affiliated groups have responded in opposition to the nomination over their perception of her views about climate change and the need to use the Fed to promote energy transition.Īmong the first groups to take a public stance in opposition to Raskin was the U.S. On January 14, President Biden nominated Sarah Bloom Raskin to be the Federal Reserve’s vice chairman for supervision and, thus, the Fed’s chief regulator. ESG-related opposition to Federal Reserve nominee ESG Developments This Week In Washington, D.C. Raskin previously served on the Fed board of governors and in a top post at the Treasury Department.Economy and Society is Ballotpedia’s weekly review of the developments in corporate activism corporate political engagement and the Environmental, Social, and Corporate Governance (ESG) trends and events that characterize the growing intersection between business and politics. He lamented Raskin's defeat and accused committee Republicans of falling for 'talking points written by the oil and gas industry.' Republican senators - especially those from energy-rich states - worried that Raskin would discourage banks from lending money to fossil fuel companies, although she insisted during her confirmation hearing that banks would make their own lending decisions.Ĭommittee Chairman Sherrod Brown, D-Ohio, promised to move forward with the other nominations. Those nominations had been stalled, as Republicans boycotted a vote on Raskin in the Senate Banking Committee. Raskin's withdrawal clears the way for Senate action on four other Fed nominations, including a second term as Fed chairman for Jerome Powell. Other Fed nominees likely to get a Senate vote 'Unfortunately, Senate Republicans are more focused on amplifying these false claims and protecting special interests than taking important steps toward addressing inflation and lowering costs for the American people,' the president said in a statement.

Joe Manchin says he'll oppose Sarah Bloom Raskin's nomination to a key Fed roleīiden said Raskin had been the target of 'baseless attacks from industry and conservative interest groups.'

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