Raskin Choice Means Biden Serious About Reining in Climate Risk

The Vice Chair for Supervision Will Play A Key Role On Climate-Related Financial Risk—Biden’s Nominee Meets the Moment

In response to reports that President Biden plans to announce former Deputy Secretary of the Treasury and Federal Reserve Board of Governors member Sarah Bloom Raskin as his nominee for The Fed’s Vice Chair for Supervision vacancy, Evergreen Action Campaigns Director Lena Moffitt released the following statement:

“Sarah Bloom Raskin is an exceptionally qualified candidate to lead bank supervision at the Fed. As a leading expert on the emerging threat of climate-related financial risk, she is well equipped to guide financial institutions on how best to measure, monitor, and manage this systemic threat. If confirmed, she will play a critical role in overseeing bank regulation—and have the opportunity to turn the page at the Fed to an era of meaningful action on climate-related financial risk.

“It is highly encouraging to see the Biden administration prioritize strong, experienced leadership for supervision at the Fed, and there’s more work to be done. To tackle the systemic financial threat posed by climate change and protect the financial security of every American, Raskin and a working climate-focused majority on the The Board of Governors must be prepared to use every tool and existing authority at their disposal to rein in Wall Street’s reckless climate-risky behavior and ensure our financial system is prepared to weather the climate shocks we know are coming.”

Prior to her nomination for Vice Chair for Supervision at the Federal Reserve, Sarah Bloom Raskin contributed to Evergreen’s 2020 policy report Preventing a Climate Crash, which outline 5 tools the Biden administration can use to rein in climate risk to our financial system, both to limit the contributions that the financial sector is making to climate risk by financing greenhouse gas pollution and to increase the resiliency of the financial system itself in the face of climate change. As part of it’s 5 to Mobilize series, Evergreen has released five concrete action steps for The Fed to use every tool at their disposal to address climate-related financial risk and protect financial stability. You can read the full set of recommendations here.