West Virginia Sen. Joe Manchin announced Monday he wouldn’t support the nomination of Sarah Bloom Raskin, President Biden’s pick as top bank regulator at the Federal Reserve and an outspoken advocate of addressing the risks that global warming poses to the world’s financial systems.
Biden’s nominee had publicly encouraged measures to mitigate climate change, including a transition to cleaner energy, which triggered a backlash from America’s powerful oil, gas, and coal industries.
How far the Federal Reserve can go to compel banks to consider the consequences of climate change in their lending policies could take center stage at a Senate hearing Thursday on the nominations of Sarah Bloom Raskin and two economists to the Fed’s influential Board of Governors.
