CHARLESTON, W. Va. – In a Sunday editorial for the Charleston Gazette-MailU.S. Senator Shelley Moore Capito (RW.Va.) has voiced her opposition to President Biden’s appointment of Sarah Bloom Raskin as the Federal Reserve’s chief banking regulator, a position she would hold for 10 years if she was confirmed.
“Ms. Raskin’s contempt for jobs in the energy sector is clear. In May 2020, at the height of the pandemic, the Federal Reserve put in place emergency mechanisms to save jobs by granting grants. loans and cash to virtually every sector of the economy.Ms Raskin argued that the Federal Reserve should have withheld funding from fossil fuel companies, saying they were “a terrible investment” and a “cracking industry”. endangered.’ Comments like this from Ms. Raskin show how out of touch she is, especially when it comes to understanding the importance of West Virginia coal and natural gas to our country,” Senator Capito wrote.
The full article is available here and lower.
Capito: Biden’s Fed Board Nominee Anti-Energy, Anti-West Virginia
By: US Senator Shelley Moore Capito (RW.Va.)
February 20, 2022
Number of words: 491
Many West Virginians have suffered greatly — and unfairly — from a regulatory and cultural war on coal over the past 15 years. However, despite this war on coal, the people of West Virginia have done as we have always done and shown tremendous resilience. Environmental extremists were unable to enact the progressive Green New Deal, but they discovered a new way to try to reduce the use of coal and natural gas: debanking the energy companies. Some administration officials want banks to cut funding to coal, natural gas and oil companies, saying they pose a catastrophic risk to the entire US financial system.
Last month, the Biden administration appointed Sarah Bloom Raskin to a senior position with the Federal Reserve Board, which oversees the nation’s banks. Ms Raskin, who has been hailed by Liberals as a so-called “climate warrior,has repeatedly advocated for sweeping policies that would limit the traditional energy supply in the United States by increasing its cost of doing business. These dire ideas would lead to even higher prices at the gas pump and put thousands of West Virginia jobs at risk.
The truth is that there is no single risk to the financial system of West Virginia energy producers. The risk comes entirely from regulators, like Ms Raskin, who believe it is their duty to decide how to save us, as Ms Raskin describes it in her own words, from a “climate catastrophe” that would create “an incredibly hot planet “. “Whatever your opinion on climate change, the trade-offs involved are choices that should be made by officials who have to face voters, not unelected banking regulators.
Ms. Raskin’s contempt for jobs in the energy sector is clear. In May 2020, at the height of the pandemic, the Federal Reserve put in place emergency mechanisms to save jobs by extending loans and liquidity to virtually all sectors of the economy. Ms Raskin argued that the Federal Reserve should have withheld funding from fossil fuel companies, saying they were “a terrible investment” and a “dying industry.” Comments like this from Ms. Raskin show how out of touch she is, especially when it comes to understanding the importance of West Virginia coal and natural gas to our country.
Worse still, if confirmed as the country’s top banking regulator, Ms Raskin explained how she would abuse her authority to achieve her goal of debanking energy companies. In fact, she even claims that new financial regulations to discourage or prohibit banks from lending to energy companies can be put in place, “without new legislation”. As if that weren’t enough, Ms Raskin doubled down and made it clear she would prioritize her efforts to punish the energy industry.
For these reasons, I intend to oppose the nomination of Sarah Bloom Raskin, which the US Senate will likely vote on in the coming months. I hope my colleagues will do the same. The rejection of his nomination sends a clear message in favor of the many families who earn their living from energy production.
# # #