erik lundegaard

Thursday March 17, 2022

The World As We Know It Will End Because of Fossil-Fuel Interests, Joe Manchin and the Republican Party

Here are the reasons why Sarah Bloom Raskin withdrew her nomination from the Federal Reserve Board, according to Jane Mayer's New Yorker article:

  • Joe Manchin (D-WV) joined the Republicans in opposing her nomination: “Manchin's family fortune is largely derived from coal, and he has taken more money from fossil-fuel interests than any other senator during the current cycle. Every Republican member of the Senate Banking Committee has also taken money from fossil-fuel interests, cumulatively accepting more than eight million dollars during their political careers from the producers of the carbon emissions that are helping to cause climate change.”
  • Republicans, led by Pat Toomey (R-PA), accused her of vague improprieties while serving as a director of a Colorado trust company: “The allegations against Bloom Raskin, who has denied any improper behavior, dissolved under closer examination.” 
  • The GOP was holding hostage Biden's four other picks to run the Fed. So she withdrew her name to ensure good governance could continue. 

Who is she? Some radical? Not. She'd been confirmed by the Senate twice before. She's just concerned about climate change. In her letter to Pres. Biden, she said she added that she's not the only one:

“The Department of Defense has been systematically analyzing the energy security risks of climate change for years, developing mitigation strategies to confront them. Banks and insurance companies incorporate financial aspects of extreme weather events into their plans. Farmers, ranchers and businesses across the country already are struggling to adapt to extreme floods, hurricanes, rising sea levels and wildfires. Central banks around the world have already begun acting on these issues. Chairman Powell has recognized climate change as a significant risk that needs to be incorporated into the supervisory process. Any vice chair for supervision who ignored these realities—which are manifesting every day across this country—would be guilty of gross dereliction of duty.”

This is the way to frame the argument, Democrats. It's here. Farmers and businesss are already suffering. Banks, businesses, insurance companies and the DOD are already acting. Everyone is already acting except the U.S. Congress. Because of the GOP and its interests. The GOP diddles while the world burns.

Posted at 08:04 AM on Thursday March 17, 2022 in category Climate Change  
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