In the face of what she described as “relentless attacks by special interests,” Sarah Bloom Raskin has withdrawn her nomination for the Federal Reserve Board, JaneMayerNYer reports.
from fossil-fuel interests than any other senator during the current cycle. Every Republican member of the Senate Banking Committee has also taken money from fossil-fuel interests, cumulatively accepting more than eight million dollars during their political careers from the producers of the carbon emissions that are helping to cause climate change.
Bloom Raskin, who is a law professor at Duke University, is not a new or untested figure on the national economic stage. She was unanimously confirmed by the Senate to top economic positions twice before, serving a term as a member of the Board of Governors of the Federal Reserve, from 2010 to 2014, and as Deputy Secretary of the Treasury during the Obama Administration. Her previous nomination to the Fed’s Board of Governors had wide support from the banking industry.
“This is not a novel or radical position,” Bloom Raskin says in her letter. “The Department of Defense has been systematically analyzing the energy security risks of climate change for years, developing mitigation strategies to confront them. Banks and insurance companies incorporate financial aspects of extreme weather events into their plans. Farmers, ranchers and businesses across the country already are struggling to adapt to extreme floods, hurricanes, rising sea levels and wildfires.
Bloom Raskin notes that her opponents, rather than forthrightly debating how the Fed should prepare for climate risks, engaged in baseless “diversionary attacks on my ethics and character.” The Senate Banking Committee’s ranking Republican, Pat Toomey, of Pennsylvania, led an effort to badger Bloom Raskin over what he claimed was her failure to sufficiently answer more than a hundred questions, many of which concerned her time serving as a director of a Colorado trust company.
, Donald Trump’s former chief of staff, joined shortly after leaving the White House. Both are registered as charities under the tax code, and therefore cannot legally participate in political campaigns. Yet, in 2021, Trump’s leadership“This is a campaign that’s been manufactured against Sarah Bloom Raskin by the fossil-fuel industry for the sin she’s committed of telling the truth about the dangers of carbon emissions,” Sheldon Whitehouse, a Democratic senator from Rhode Island, told me.
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