"They need to ask themselves how their existing instruments can be used to incentivize a rapid, orderly, and just transition away from high-emission and biodiversity-destroying investments," Raskin wrote. bank regulators must "leave their comfort zone" and begin regulating how financial institutions are contributing to the planetary emergency by funding fossil fuel emissions. Raskin wrote in a column last year that U.S. "I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board." "Her previous public statements have 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 said of Raskin Monday. Manchin suggested that the former Obama administration official's call for action regarding banks' climate risks as they pour trillions of dollars into fossil fuel projects. The return on that modest investment has been staggering." " The fossil fuel industry gave more money to Manchin than anyone else in D.C. Senate, Raskin's nomination is likely doomed. Without Manchin's support in the evenly-split U.S. ![]() No Republicans have indicated that they might support Raskin's nomination to serve as vice chair of supervision at the Fed, a role in which she would be the agency's top banking regulator. Joe Manchin infuriated progressives on Monday as he announced his refusal to support President Joe Biden's nomination of Sarah Bloom Raskin to a key position at the Federal Reserve-only the latest of the West Virginia senator's obstructions of his own party's climate action agenda.
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