Former Federal Reserve Board governor Sarah Bloom Raskin has withdrawn her name for consideration as the central bank’s vice chair for supervision in an attempt to allow other nominations to move forward.
According to a Tuesday tweet from Washington Post journalist Seung Min Kim, Raskin sent a letter to U.S. President Joe Biden withdrawing as his nominee for the next vice chair for supervision of the Federal Reserve, citing “relentless attacks by special interests.” The letter referred to Republican lawmakers who, she said, have “held hostage” her nomination since February.
“Their point of contention was my frank public discussion of climate change and the economic costs associated with it,” said Raskin. “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.”
“The identification and prioritization of economic threats is not only within the mandate of the Federal Reserve but essential to the well-being of the country.”
Sarah Bloom Raskin’s withdrawal letter. Of note: “Had the boycotting senators simply challenged my belief in the need to integrate climate-based risks and costs into the financial regulatory apparatus, I would have welcomed the opportunity for this important discussion.” pic.twitter.com/IYphgLaISn
— Seung Min Kim (@seungminkim) March 15, 2022
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