Toomey, the top Republican on the committee, said many Democrats are pushing for the central bank to go far beyond its role. Raskin’s views beyond recognition and made unsubstantiated attacks on her character,” he said. “Republicans engaged in a disingenuous smear campaign, distorting Ms. Sherrod Brown (D-Ohio), the chair of the Senate Banking Committee, in a statement Tuesday said “too many of my colleagues” ignored the wide, bipartisan support Raskin enjoyed, and instead “fell for talking points written by the oil and gas industry.” She wrote in an op-ed last September that regulators should “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.” Pat Toomey of Pennsylvania expressed fear that she might pursue measures that would make it more expensive for banks to lend to oil companies. While the financial industry raised no public objections to Raskin’s nomination, Republicans such as Sen. “It was – and is – my considered view that the perils of climate change must be added to the list of serious risks that the Federal Reserve considers as it works to ensure the stability and resiliency of our economy and financial system.” “Their point of contention was my frank public discussion of climate change and the economic costs associated with it,” she wrote in a letter to Biden obtained by POLITICO. But she faced blowback this time from GOP lawmakers and Manchin over her calls for regulators to more closely scrutinize bank lending to fossil fuel companies and help mitigate climate-related risks to the financial system. Raskin, a former Fed governor and deputy Treasury secretary during the Obama administration, had been confirmed twice before for those posts with no opposition from Republicans. Raskin’s withdrawal was first reported by the New Yorker. Joe Manchin (D-W.Va.), who hails from the second-biggest coal-producing state in the country, and moderate Republicans Susan Collins and Lisa Murkowski had said Monday they would not support Raskin’s nomination, all but dooming her chances of confirmation. Powell, chosen by Biden for a second term, is now serving as chair on an acting basis. Four other nominees, including Fed Chair Jerome Powell, were also being held up because of the impasse over Raskin.
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