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ARTICLE · 07 FEBRUARY 2022

Biden Nominee For Federal Reserve Under Fire For Promoting Climate Change Regulations

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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Even under the Obama Administration, less than a decade ago, the views of financial regulators on climate risk were not such an overwhelming concern for lawmakers.

United StatesEnvironment
Jacob Hupart
Jacob Hupart
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Sarah Raskin, the Biden Administration's nominee to be the Federal Reserve's vice chair for supervision, has faced significant questioning by Republican senators based upon her past remarks concerning the role of financial regulators and climate change.  This resistance to her nomination is unsurprising, as Raskin has been among those who have advocated for financial regulatory agencies to adopt a broad view of their regulatory powers and authority to mitigate climate risk.

Specifically, Raskin has stated, among other things, that "regulators . . . 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."  Senator Toomey of Pennsylvania was likely referring to these sorts of statements when he termed her remarks on climate change "disqualifying." 

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