The Fed is already moving toward analyzing the risks that banks face from rising temperatures and changing weather patterns. What many in the oil and gas industry fear is something more far-reaching.
FILE - U.S. Deputy Treasury Secretary Sarah Bloom Raskin is shown before the opening ceremony of the Asia-Pacific Economic Cooperation finance ministers meeting at the Diaoyutai State Guesthouse in Beijing, China on Oct. 22, 2014.
Her supporters argue that Bloom Raskin is highly qualified and that her views on climate and the Fed are similar to those expressed by Chair Jerome Powell. Raskin’s opponents have zeroed in on comments she has made suggesting that regulators should discourage banks from lending to oil and gas companies. Two years ago, in an opinion column in the New York Times, Raskin called oil and gas a “dying” industry. She went on to criticize the Fed’s willingness to support lending to fossil fuel companies in its efforts to bolster the financial sector in the depths of the pandemic recession.
“Ms. Bloom Raskin’s statements suggesting financial regulations should be used as an instrument to direct climate change policy will only raise energy costs and make America more dependent on foreign sources of energy,” said Liz Bowman, a spokeswoman for the American Exploration and Production Council, which spearheaded the letter.
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