Why Sara Bloom Ruskin’s view of the climate sank the Fed’s nomination

The collapse of Sara Bloom Ruskin’s bid to become the top Fed police officer shows how deeply Congressional oil industry allies are digging into incorporating climate change into financial oversight.

Catch up quickly: Ruskin Withdrew her nomination on Tuesday The day after Sen. Joe Manchin (DW.Va) announces opposition Her nomination as Vice-Chairman of the Federal Reserve Board virtually destined her chances in the face of unified Republican opposition.

Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for free

Important reason: The severe headwinds facing this nomination show how much resistance there is between the fossil fuel industry and its allies in Congress. Integration of climate change risk analysis For the work of the country’s top financial regulators.

Big picture: Progressive and climate activists nominated Ruskin because they wanted to meet someone with extensive knowledge of how climate change poses economic risks through extreme weather events, climate events, related geopolitical changes and other impacts. Supported.

conspiracy: Russia’s unprovoked invasion of Ukraine caused soaring gas prices and emphasized the importance of being more dependent on domestic energy, thus hampering Ruskin’s nomination.

  • Manchin insisted on increasing US oil and gas drilling in response to the war.

  • In Ruskin, Manchin saw an obstacle to that vision.

  • Like many oil and gas companies and their industry groups that lined up against her nomination, environmental groups supported her.

Zoom in: Zoom in: In announcing his opposition to Ruskin’s nomination, Manchin pointed out his views on climate, stating: Energy demand. “

  • Her writing as an academic show not only requires the Fed to ensure that banks are prepared for the consequences of climate change, but also banks and their regulators. Play a positive role in clean energy conversionShift funds from fossil fuels to clean energy.

  • She played the role of the Fed in choosing energy winners and losers in January’s testimony at the Senate Banking Commission, but ranking member Pat Toomey (R-Pa.) Did not buy a reversalReject as “confirmation conversion”.

Line spacing: Assuming Ruskin was forced to resign, the Republican Banking Commission’s tactics to vote for Biden’s recent Fed candidate would have been rewarded.

Editor’s Note: This story was updated with news that Ruskin withdrew her nomination.

Do you like this article? Get more from Axios, Subscribe to Axios Markets for free.