WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA), member of the Senate Energy and Natural Resources Committee, released a statement following Sarah Bloom Raskin withdrawing her nomination to be Vice Chair of Supervision and a Member of the Board of Governors of the Federal Reserve System:
“It is clear Ms. Raskin’s nomination did not have the votes and was sailing towards failure,” said Dr. Cassidy. “Our economy depends on clear-minded monetary policies, not activists in the Fed carrying out an ideological and political agenda. It was past time to withdraw her nomination.”
Background
On February 3rd, Cassidy announced his opposition to Raskin’s Fed nomination, and later that month joined 9 colleagues urging President Biden to withdraw her from consideration. Cassidy also gave an interview to Breitbart outlining the dangers of nominating Raskin to the Fed.
Raskin has previously advocated for the Federal Reserve to use its monetary policy making power to punish banks that do business with U.S. oil and natural gas companies and drive capital away from the industry that employs hundreds of thousands of Louisianans.
In a Financial Times op-ed in January of 2021, Ms. Raskin wrote: “Supervisory adjustments will have to take climate disclosures into account and the Fed will need to use climate risk data to make decisions on asset purchases . . . Fiduciary duty rules, too, may need to be reimagined.” She continued, “2021 is the year to reimagine capital as a tool for accelerating and smoothing the transition to a world of net-zero carbon emissions.”
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