One of Joe Biden’s Federal Reserve nominees, Sarah Bloom Raskin, has come under fire by the Republican Party.
She has stated that she would like to reimagine our financial system.
With this administration, we know that means a lean toward socialist policies, and now the GOP is on the attack.
Take Her Down
The concern by Republicans here is that Raskin is a climate change activist.
We have heard these utterings before from activists regarding our financial system and how they can use it to further their own cause.
The GOP report on Raskin touches on that very point.
It stated, “Advocates for more aggressive governmental action on global warming have shifted their concerns in recent years to financial regulation, citing possible ‘risks’ to banks and the entire financial system itself.
“Raskin is a ‘climate warrior’ who would abuse the Fed’s narrow statutory mandates by having the central bank actively engage in capital allocation and de-bank energy companies.”
The worry here is that Raskin will try to force investors into the renewable energy sector while penalizing them for staying in fossil fuels.
The GOP pointed to her talks of using a “stress test” to fix this situation.
For instance, Raskin once stated, “The use of a stress test, I think, is an important tool.
“Now you hear a lot of discussion saying ‘oh, but the scenarios are too hard, there are too many, we don’t know for sure what in essence what such a scenario might look like.’ And I think that we need to move beyond that.”
Energy Committee Ranking Member John Barrasso has voiced strong opposition to Raskin, as have the financial officers from 25 other states.
There is also the question of a rather significant but very shady stock transaction involving Raskin that very much looks like a payoff.
Raskin received 200,000 shares of stock worth $1.5 million from Reserve Trust after Raskin helped them get access to the Federal Reserve system.
Senator Cynthia Lummis (R-WY) stated, “You leave Treasury, you serve on the board of Reserve Trust for two years.
“Their first application for a master account is denied but after the denial you call the Federal Reserve and Reserve Trust receives a Fed master account, the only state-chartered trust company in the country to get one, and you walk away with $1.5 million.
“Something doesn’t smell right with the way this played out.”
Imagine that… Joe Biden having someone corrupt in his organization.