WASHINGTON — The top Republican on the Senate Banking panel questioned the geographic and professional backgrounds of President Joe Biden’s Federal Reserve picks amid a brewing conflict over diversity at the central bank and its role in dealing with climate change.
Pennsylvania Senator Pat Toomey said he’s “particularly concerned” about the lack of industry representation, especially from the energy sector, citing vice chair of supervision nominee Sarah Bloom Raskin’s advocacy for the Fed to act on climate risks.
“While a lack of expertise at the Federal Reserve Board in any particular industry is inevitable, the demonstrated hostility of one nominee, Sarah Bloom Raskin, towards a sector that supports employment for millions of Americans, is unacceptable,” the Pennsylvania Republican wrote.
