Trade Association Letter to Senate Banking Committee Leadership on the Nomination of Sarah Bloom Raskin

Dear Chairman Brown and Ranking Member Toomey:

The undersigned organizations write to express our concerns with some of the views of Ms. Sarah Bloom Raskin, nominated by President Biden on January 14, 2022, to serve as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System; specifically, views that the Federal Reserve should take action to discriminate against American energy companies. On behalf of the millions of Americans employed by domestic energy industry, we urge the Senate Banking Committee to ensure that nominees for the Federal Reserve will not use the power of the Federal Reserve and other regulatory means to disadvantage American energy companies in the global energy marketplace.

We are troubled that Ms. Bloom Raskin, a former Member of the Board of Governors, has advocated for the Federal Reserve to pursue policies to discriminate against American energy producers. Specifically, in a 2020 New York Times op-ed, Ms. Bloom Raskin called traditional energy a “dying industry” and argued that American energy companies be ineligible for the Federal Reserve’s Main Street Lending Program, the Small Business Administration’s Paycheck Protection Program, and from broad-based business tax programs. These programs and tax code provisions are generally available to all businesses in all industries. Ms. Bloom Raskin also argued that the Federal Reserve should allocate capital to finance politically favored energy sources to combat climate change, even though this goal is at odds with the Federal Reserve’s statutory mandate 12 U.S. Code § 225a. She has also supported using the Federal Reserve’s “stress tests” for banks as a method to reduce capital to traditional energy companies. …