Who is doing the vetting in The Oval?
Wall Street Journal (2/2/22) op-ed: "These are precarious times for the American economy. Inflation has reached generational highs while the stock market is experiencing its most significant pullback since March 2020. As it responds, the Federal Reserve is walking a financial tightrope: Raise interest rates too little and inflation gets worse; raise interest rates too much and the economy crashes. But while central bankers are trying to maintain their balance, President Biden is cutting the rope. Last month the president nominated Sarah Bloom Raskin, a former Obama financial regulator, to serve as the Fed’s new vice chairman for supervision. The Federal Reserve’s mission, as outlined by Congress, is explicitly nonpolitical. Good monetary policy requires the Fed’s leaders to set partisanship and personal preferences aside. But judging by her past public statements, Ms. Raskin would have a hard time doing that. A hallmark of Ms. Raskin’s career has been her vendetta against U.S. energy producers—a vendetta she likely plans to take with her to the Fed. Last summer she advocated using the Fed’s stress tests to penalize banks that serve fossil-fuel companies. She has also urged the Fed to use its risk-based capital standards to drive capital away from oil and natural-gas firms toward ''sustainable investments.' She has even gone so far as to suggest that the Fed should de-bank energy companies by establishing portfolio or concentration limits for banks on 'high-emission assets.'"
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"Arnold’s ignorance and hypocrisy are difficult to overlook, for reasons summarized well by that noted philosopher and keen observer of the human condition, Dogbert: 'You can’t save the earth unless you’re willing to make other people sacrifice.' Truer words were never spoken. "
–Benjamin Zycher,
American Enterprise Institute
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