The U.S. Chamber of Commerce on Thursday sent an unprecedented letter to lawmakers raising concerns about Sarah Bloom Raskin, President Joe Biden's nominee as the Federal Reserve's vice chair for supervision, and her calls for federal regulators to transition financing away from the fossil fuel industry.
The U.S. industry lobby group urged leaders of the Senate Banking Committee to question Raskin about those statements and her criticism of the Fed for allowing oil and gas companies to access emergency pandemic funds, among other issues.
He said the Chamber, whose board includes big oil companies, would raise similar questions if a Republican nominee suggested excluding renewable energy companies from public funds. Raskin is "firmly opposed to the Federal Reserve allocating credit by sector or choking off sectors from access to credit," a senior administration official told Reuters. "She supports the existing policy framework on climate risks that has been articulated by Powell and Quarles."