US Chamber of Commerce Questions Past Statements of Fed Nominee Raskin

The U.S. Chamber of Commerce has concerns about a Biden nominee for the top banking supervisor at the Federal Reserve, Sarah Bloom Raskin, because she’s called for regulators to speed the transition away from fossil fuels, The Wall Street Journal reports.

The business lobbying group has said Raskin needs to be questioned about her statements.

WSJ reports that she’s said financial regulation should be used to address climate change. While progressive Democrats have praised that, Republicans have criticized it.

In a letter sent last week, the business lobbying group said her “past actions and statements have raised concerns among the U.S. business community and merit the committee’s scrutiny.” It also said it was unsure if the Fed’s role is to direct capital away from industries that are “politically disfavored.”

In addition, the Chamber said lawmakers should look critically at Raskin’s views on bank merger policy.

Raskin is scheduled to testify on Feb. 3 before the Senate banking panel.

If she’s confirmed, Raskin would be the vice chairwoman of supervision – the most influential overseer of the U.S. banking system. A White House spokesman said Raskin was “firmly opposed to the Federal Reserve allocating credit by sector or choking off sectors from access to credit,” and that she supports an existing policy framework for climate change.

PYMNTS wrote earlier this month about the intent to nominate Raskin. The report says she’s a former top Treasury Department official.

See more: Biden to Nominate Raskin for Top Fed Banking Regulator Position

In addition, President Biden is also looking to nominate economists for some other Fed board seats: Lisa Cook, a professor of economics and international relations with Michigan State University, and Philip Jefferson, a professor and administrator with Davidson College in North Carolina.

With those selections, Biden will complete his version of the Fed board, which included an offer for chairman Jerome Powell to get a second term and for Fed governor Lael Brainard to be vice chairwoman.