12/26/2023 0 Comments Sarah bloom raskin wikipedia![]() ![]() The White House announced earlier this month that Biden would nominate Raskin, 60, to be the Fed’s vice chair for supervision, a role created in the aftermath of the 2007-08 financial crisis to monitor emerging financial risks. Raskin’s outspokenness on climate is completely legitimate because it is an existential threat, and because climate-related shocks do pose threats to financial stability, and to the safety and soundness of financial firms and markets.” He currently co-directs New York University’s Volatility and Risk Institute.īut ultimately, Berner added, “Ms. “To the extent that her confirmation is viewed as a referendum on getting central banks involved in climate-related risks, it’s possible there’s going to be a lot of controversy surrounding that,” said Richard Berner, an Obama-era director of the Treasury Department’s Office of Financial Research. On Raskin specifically, they say her climate focus is not only appropriate but necessary, given the solidifying global consensus that rising temperatures pose tangible threats to individual firms and financial systems more broadly. Republicans, for their part, have warned financial officials against addressing climate issues on the grounds that doing so is inherently political and outside the Fed’s authority.ĭemocrats, progressive groups and a growing number of financial regulatory experts argue the opposite. Those statements likely will serve as a lightning rod as her nomination moves forward this week. ![]() And she consistently has called on regulators to use all of the tools at their disposal to ensure the firms they oversee prepare for the realities of a warming world. ![]() At the outset of the Covid-19 pandemic, she warned the Fed against pouring federal dollars into beleaguered oil and gas companies that faced an uncertain future long before the virus circled the globe. ![]()
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