Financial regulators, she argues, must “ reimagine their role, so they can play their part in the broader reimagining of the economy.” Raskin is challenging what she argues is a “default assumption” by regulators that there will be a smooth transition from today’s carbon-based economy. One of Yellen’s first moves at Treasury was to direct its robust Financial Stability Oversight Council to publish a report with a blunt conclusion: “Climate change is an emerging threat to the financial stability of the United States.”īoth women believe that the Fed must sharpen its focus on climate risk. Treasury Secretary Janet Yellen –– also a former Fed Chair –– are eager to expand the Fed’s role beyond its historic mission to supervise financial risk by employing risk mitigation tools created after the 2008 financial crisis to now address the risk of climate change. The nation’s largest Banks are concerned that Raskin and the U.S. It would also mark a break from Powell’s laissez-faire approach to climate risk. Leading the bank’s sprawling regulatory mandate would make her the second most powerful Fed official after Chair Jerome Powell. Raskin is part of a group of candidates Biden has put forward to fill critical roles at the Federal Reserve Board, the primary overseer of America’s $18 trillion banking system. Senate over her appointment as the Federal Reserve’s top bank regulator. Raskin, currently a Duke law professor, faces a nasty confirmation battle in the U.S. If you are not familiar with Sarah Bloom Raskin, you should be.

Sharper Fed climate policy is under attack.

Sarah bloom raskin