Amid high gas prices, woke lawmakers press the Federal Reserve to require 'financial institutions to stop fossil fuel financing'



Even as Americans endure the financial burden of high gas prices, a group of Democratic lawmakers is pushing climate alarmism by pressing the Fed to require financial institutions to cease fossil fuel financing.

"To protect the stability of the U.S. financial system, the Federal Reserve must thoroughly understand and address climate risks and ensure that the financial institutions it oversees do the same, including by requiring them to reduce fossil fuel-financed emissions in line with science-based climate targets," the legislators declared in their letter to Federal Reserve System board of governors chair Jerome Powell.

"Although banks are already claiming to support reducing financed emissions, even achieving net-zero emissions by 2050, they continue to finance the fossil fuel industry to the tune of hundreds of billions of dollars annually," the letter states.

"The climate crisis is already placing a heavy financial burden on Americans and the U.S. economy. The Federal Reserve must take the necessary steps to protect the stability of the financial system by fully understanding climate risks and requiring financial institutions to stop fossil fuel financing," the letter declares.

The Democrats who signed the letter include Sens. Ed Markey of Massachusetts, Martin Heinrich of New Mexico, Bernie Sanders of Vermont, Elizabeth Warren of Massachusetts, Brian Schatz of Hawaii, and Jeff Merkley of Oregon, as well as Reps. Ayanna Pressley of Massachusetts, Rashida Tlaib of Michigan, Alexandria Ocasio-Cortez of New York, Barbara Lee of California, and André Carson of Indiana.

"Climate change is real and climate risk is here. That's why @SenMarkey & I are leading a call for the @FederalReserve to address the financial risks of climate change and require financial institutions to stop fossil fuel financing," Pressley tweeted.

The AAA national average price for a gallon of regular gas was $3.881 as of September 18.

— (@)

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Peter Doocy leaves new WH press secretary stumped with single question he is forced to ask three times



Fox News correspondent Peter Doocy left White House press secretary Karine Jean-Pierre stumbling on her first official day behind the lectern after Jen Psaki's departure.

The topic? Inflation and President Joe Biden's claim that raising corporate taxes will help the ongoing economic crisis.

What happened?

Referring to a tweet that Biden published last week, Doocy lobbed a softball question at Jean-Pierre, "How does raising taxes on corporations reduce inflation?"

But the new press secretary appeared unaware that such a tweet from Biden existed, asking if Doocy was, in fact, referring to a specific tweet.

When Doocy informed her that Biden's official Twitter account made such a connection between corporate taxes and inflation last week, Jean-Pierre stumbled her way through recycling Democratic talking points about taxes and corporations paying their "fair share."

Look, you know, we have talked about — we have talked about this this past year, about making sure that the wealthiest among us are paying their fair share. And that is important to do. And that is something that, you know, the president has been, you know, working on every day when we talk about inflation and lowering costs. And so it’s very important that, you know, as we’re seeing costs rise, as we’re talking about how to, you know — you know, build an America that is safe, that’s equal for everyone, and doesn’t leave anyone behind, that is an important part of that as well.

05/16/22: Press Briefing by Press Secretary Karine Jean-Pierre youtu.be

Because Jean-Pierre did not answer the question, Doocy then asked again, "But how does raising taxes on corporations lower the cost of gas, the cost of a used car, the cost of food for everyday Americans?"

This time Jean-Pierre invoked climate change and collective bargaining rights while injecting several mentions of a "fairer tax code," but she still did not answer the question.

"Look, it is — you know, by not — if — without having a fairer tax code, which is what I’m talking about, then all — every — like manufacturing workers, cops — you know, it’s not fair for them to have to pay higher taxes than the folks that — who are — who are — who are not paying taxes at all or barely have," Jean-Pierre added.

Doocy then asked his question a third time and included criticism from Jeff Bezos. But Jean-Pierre, again, refused to answer the question and instead attacked Bezos and regurgitated debunked talking points about deficit reduction.

"It’s not a huge mystery why one of the wealthiest individuals on Earth — right? — opposes an economic agenda that is for the middle class, that cuts some of the biggest costs families face, fights inflation for the long haul — right? — and that’s what we’re talking about; that’s why we’re talking about lowering inflation here — and adds to the historic deficit reduction the president is achieving by asking the richest taxpayers and corporations to pay their fair share. That is what we’re talking about," she said.

Anything else?

Larry Summers, who has been highly critical of the Biden administration amid the inflation crisis, explained Monday that he actually agrees with Biden that hiking corporate taxes would positively impact inflation.

"I think @JeffBezos is mostly wrong in his recent attack on the @JoeBiden Admin," Summers declared. "It is perfectly reasonable to believe, as I do and @POTUS asserts, that we should raise taxes to reduce demand to contain inflation and that the increases should be as progressive as possible."

He added, "I say this even though I have argued vigorously that excessively expansionary macro policy from the @federalreserve and the government have contributed to inflation. I have rejected rhetoric about inflation caused by corporate gouging as preposterous."

I say this even though I have argued vigorously that excessively expansionary macro policy from the @federalreserve and the government have contributed to inflation. I have rejected rhetoric about inflation caused by corporate gouging as preposterous.
— Lawrence H. Summers (@Lawrence H. Summers) 1652703915

As Americans get hammered by roaring inflation, 80 senators vote to confirm Federal Reserve chair Jerome Powell to another term



The Senate on Thursday voted 80-19 in favor of confirming Jerome Powell to a second term as chair of the Federal Reserve.

While lawmakers from both parties voted to confirm Powell, there were also senators on both sides of the political aisle who voted against confirmation — Sens. Rand Paul (R-Ky.), Richard Shelby (R-Ala.), Bernie Sanders (I-Vt.), Jon Ossoff (D-Ga.), and Elizabeth Warren (D-Mass.) were some of the 19 lawmakers who voted against confirmation.

"Today, I voted no on the reconfirmation of Jay Powell to be Chairman of the @FederalReserve," Sen. Shelby said in a statement. "American families are facing rampant inflation and historically high prices. Powell and the rest of the Fed have failed the American people. We should not reward failure."

Today, I voted no on the reconfirmation of Jay Powell to be Chairman of the @FederalReserve. American families are facing rampant inflation and historically high prices. Powell and the rest of the Fed have failed the American people. We should not reward failure.
— Richard Shelby (@Richard Shelby) 1652379737

"I like and respect Chairman Powell," Ossoff said in a statement. "But 8.3 percent inflation is hurting my constituents a year after the Fed predicted inflation was 'transitory.' The Fed persisted in massive quantitative easing even after it was clear inflation was worse than forecast. These are policy errors that have worsened inflation and hurt low-income people the most. I recognize that Chairman Powell has a difficult job in challenging times, and I sincerely hope for his success in his second term."

Sen. @ossoff statement on his vote against Fed Chair Powell:pic.twitter.com/39Er2gNwnZ
— Miryam Lipper (@Miryam Lipper) 1652382554

Americans have been getting hammered by high prices as soaring inflation eats away at the purchasing power of their hard-earned dollars. The Fed has been hiking interest rates in a bid to combat the roaring inflation.

The U.S. Bureau of Labor Statistics released consumer price index data on Wednesday: "The all items index increased 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March," the BLS press release noted.

Then-President Donald Trump nominated Powell to his first term as Federal Reserve chair, and President Joe Biden nominated Powell to a second term. Powell's initial term ended in early February, but he has been serving as chair pro tempore.

Manchin torpedoes controversial Biden nominee for Federal Reserve regulator



West Virginia Democratic Sen. Joe Manchin may have put the kibosh on Sarah Bloom Raskin, President Joe Biden's nominee for a top regulatory position at the Federal Reserve. The senator said Monday he is "unable to support her nomination" to be the vice chair of supervision at the Fed.

Lacking Manchin's support, Democrats will likely not have the votes needed to confirm Raskin, who has called for the Fed to punish banks and financial institutions that have business agreements with fossil fuel energy companies as a way to fight climate change. Raskin's positions on energy were central to Manchin's statement opposing her nomination.

"Now more than ever, the United States must have policy leaders and economic experts who are focused on the most pressing issues facing the American people and our nation - specifically rising inflation and energy cost," Manchin said in a statement Monday.

"I have carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements. Her previous public statements have failed to satisfactorily address my concerns about the critical importance of financing an all-of-the-above energy policy to meet our nation’s critical energy needs," he added.

Sarah Bloom Raskin's previous public statements have failed to satisfactorily address my concerns about the critical importance of financing an all-of-the-above energy policy to meet our nation\u2019s critical energy needs. I'm unable to support her nomination to @federalreserve Boardpic.twitter.com/0tDVXtRpKc
— Senator Joe Manchin (@Senator Joe Manchin) 1647276622

Raskin is the second major Biden nomination Manchin has torpedoed. A little more than a year ago, Manchin said he would not support the nomination of Neera Tanden to lead the White House Office of Management and Budget. At the time, the moderate Democrat cited "overtly partisan statements" Tanden had made on social media as cause to believe she "will have a toxic and detrimental impact on the important working relationship between members of Congress and the next director of the Office of Management and Budget."

Manchin's rejection of Biden's nominee then drew outrage from the left, and so has his rejection of Raskin now.

"After all the psychoanalyzing of Manchin over the past year, it's become quite evident that the explanation for his behavior is simple: He's deeply, deeply corrupt," Salon politics writer Amanda Marcotte accused.

Occupy Democrats, an activist left-wing group that's popular on social media, posted, "Senator Joe Manchin stabs Joe Biden in the back again" and wrote in all-caps: "RT IF YOU THINK MANCHIN SHOULD BE BOOTED FROM THE PARTY!"

The White House has given no indication that Raskin's nomination will be pulled and seems to be ignoring Manchin's statement for now.

"[Sarah Bloom Raskin] is one of the most qualified people to have ever been nominated for the Federal Reserve Board of Governors – she previously served on the Board and she served as second-in-command at Treasury, both positions where she earned bipartisan Senate confirmation," deputy press secretary Chris Meagher tweeted after Manchin released his statement.

"We are working to line up the bipartisan support that she deserves, so that she can be confirmed by the Senate for this important position," he added.

A spokesperson for Senate Banking Committee Chairman Sherrod Brown (D-Ohio) said Monday that the committee will move forward with Bloom's nomination.

"Senator Brown is working to move forward Ms. Bloom Raskin’s nomination with bipartisan support, as Ms. Bloom Raskin has earned twice before," Browns office said.

While bipartisan support for Raskin could still save her nomination, technically, she's faced intense opposition from GOP senators. Republicans have criticized Raskin's controversial positions on climate change and scrutinized her time serving on the board of Reserve Trust, a fintech trust company. Reserve Trust became the only non-bank state-chartered trust to receive access to the Federal Reserve's payment system while Raskin, a former Fed official, was serving on the company's board between May 2017 and August 2019.

Republicans have questioned whether Raskin, who served as a Fed governor from 2010 to 2014, persuaded the Fed to give Reserve Trust a master account and then received 200,000 shares of company stock as compensation. The sale of those stocks is the subject of an ethics complaint filed by the watchdog group American Accountability Foundation against Raskin's husband, Rep. Jamie Raskin (D-Md.).

AAF took credit for sinking Biden's nominee after Manchin published his statement.

BREAKING: AAF research sinks another Biden nominee, Sarah Bloom Raskin.\n\nThrough our investigation, we exposed her radical views on fossil fuels, partisan politics, and shady ethics.pic.twitter.com/9PQjW4iio4
— Biden Noms | American Accountability Foundation (@Biden Noms | American Accountability Foundation) 1647279932

"Through our investigation, we exposed her radical views on fossil fuels, partisan politics, and shady ethics," the group said.