10/23/2023 0 Comments Sarah bloom raskin letter![]() Her activist approach to regulation is undemocratic and highly inappropriate for such an influential position. Such “reimagining of the economy” is not the purview of regulators absent legal authority form Congress. Further, her public writings and speeches advocate for using Federal Reserve stress tests and other regulatory levers as a means to reshape the entire financial system in ways Congress never intended. Her alarmist statements about “an unlivably hot planet” are not supported by the gold standard for climate science, the Intergovernmental Panel on Climate Change (IPCC) assessment reports, indicating poor judgement and a crisis mentality ill-suited for sober, balanced regulation of the banking sector as it underpins the entire economy. Bloom Raskin’s public statements that the industry is a “dying one” that does not deserve access to the financial system. Her multiple public statements indicate an agenda at odds with the President’s goal of providing Americans with reliable, affordable energy.ĭepartment of Energy projections show national and global oil and natural gas consumption increasing out to 2050, which belies Ms. She is a strong advocate for debanking the very industry that powers America. We strongly oppose President Biden’s nomination of Sarah Bloom Raskin as Vice Chairwoman for Supervision at the Federal Reserve, the government’s most influential overseer of the American banking system. The world would truly be less healthy, safe, and environmentally protected without the energy we provide. Natural gas electricity generation is the number one reason our country has reduced more greenhouse gas emissions than any other over more than a decade. American oil and natural gas is developed under strict environmental controls with industry-driven technologies that make it the most sustainably produced in the world. Oil and natural gas provide the feedstock for thousands of products used every day, from anything with a computer chip to the COVID vaccines that have saved millions of lives across the globe. We provide 70% of the nation’s energy that supports life-sustaining functions such as keeping Americans warm in the winter, getting them to work and school to better their lives, powering ICUs and enabling medical devices, and delivering food to the dinner table. We are 41 trade associations representing millions of workers all across the country.
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