Sarah Bloom Raskin’s decision to withdraw from being President Joe Biden’s nominee as the Federal Reserve’s vice chairperson of banking supervision has been attributed to her advocacy of using the central bank’s regulatory powers to enforce climate risks within financial institutions.
Raskin was formerly a member of the Fed's Board of Governors and was a Deputy Secretary of the Treasury in the Obama administration, but the nomination set a precedent because the focus of her candidacy was aimed at her political philosophy regarding the role of financial regulators.
