On 28 January 2022, IADC, along with 40 other trade associations, sent a letter to the Senate Committee on Banking, Housing, and Urban Affairs opposing the nomination of Sarah Bloom Raskin as Vice Chair for Supervision at the Federal Reserve.
Sarah Bloom Raskin advocates for denying capital to oil, natural gas, and coal even though they provide 84% of the world’s energy.
A hallmark of Ms. Raskin’s career has been her vendetta against US energy producers—a vendetta she plans to take with her to the Fed. Just last summer, she advocated using the Fed’s stress tests to penalize banks that serve energy companies. She has also urged the Fed to use its policies to drive capital away from oil and natural gas firms toward “sustainable investments.” She’s even gone so far as to suggest that the Fed should debank energy companies by establishing portfolio or concentration limits for banks on “high-emission assets.”
