Statement on the Withdrawal of Sarah Bloom Raskin’s Nomination to the Federal Reserve

In response to reports that Sarah Bloom Raskin has withdrawn her nomination to the Federal Reserve Board of Governors, Evergreen Action Chief of Staff Lena Moffitt released the following statement:

“Sarah Bloom Raskin is one of the most qualified people to ever be nominated to serve on the Federal Reserve Board of Governors and it is deeply disappointing to see her nomination derailed by a smear campaign on behalf of the fossil fuel industry. Her withdrawal will make the Fed less equipped to do its job and tackle inflation in the weeks and months ahead.

“Despite Big Oil’s desperation for regulators to bury their heads in the sand, common sense steps to address the systemic risk the climate crisis poses to our entire economy are coming. Banks are already viewing climate-risk as a top concern. That’s why financial institutions are calling for more guidance from regulators to navigate their exposure to climate-related risk, and Chair Powell has committed to addressing this threat. The Fed simply cannot fulfill its mandate to protect the stability of our financial system if it does not take action to rein in climate-related risk. Despite today’s unfortunate withdrawal, the Fed still has its work cut out to protect Americans from a climate-fueled crash.”