The Progressive


A project of Common Dreams

For Immediate Release

Senate Should Ignore Big Oil, Confirm Fed Nominee Sarah Bloom Raskin

Despite Her Mainstream Positions on Climate, Big Oil’s Senate Allies Are On The Attack


In advance of the Senate Banking Committee's hearing this morning concerning Sarah Bloom Raskin's nomination for Federal Reserve Vice Chair for Supervision, government watchdog Accountable.US called on Big Oil-backed Senators to drop their opposition, confirm the nominee, and quit doing the bidding of their oil and gas industry donors.

"These attacks from Big Oil and their allies on Capitol Hill against Sarah Bloom Raskin are nothing more than industry's latest attempt to pretend climate change won't impact their business. It's no coincidence that nearly every Republican member of the Senate Banking Committee has taken over six figures in oil industry campaign cash." said Jordan Schreiber, a spokesperson for Accountable.US. "Bloom Raskin is an experienced regulator with mainstream views on climate and the future of the fossil fuel industry and she should be confirmed."

Senate Banking Committee Ranking Member Pat Toomey and other Republicans on the committee have received millions in campaign contributions from Oil and Gas and are now parroting concerns made in a letter to Banking Committee leadership from oil industry groups that called out Raskin over her view that the Federal Reserve should forgo further investments in fossil fuels.

The reality is Bloom Raskin is an experienced financial regulator who sailed through Senate confirmation votes in the past, serving on the Federal Reserve Board and as Deputy Treasury Secretary. She has never faced serious opposition before, and even earned bipartisan praise for her experience and record.

Key findings from the Accountable.US research report include:

  • Big Oil On The Attack: The oil industry and its well-funded allies in the Senate are attacking Bloom Raskin, erroneously claiming she will "'wreak havoc' on the economy."
  • Banking Groups And Academics Agree with Bloom Raskin: Bloom Raskin's views on the future of the fossil fuel industry are shared by banking groups and academics.
  • Follow The Money: Big Oil wants to keep the taxpayer-funded gravy train running - even while raking in record profits.
  • Critics Are In Big Oil's Pocket: Banking Committee Ranking Member Pat Toomey has been Bloom Raskin's most vocal Senate opponent. His campaign is heavily funded by the oil industry.
  • Bloom Raskin Has Enjoyed Broad, Bipartisan Support: She is an experienced regulator and public servant who sailed through previous Senate confirmations with substantial bipartisan support.

For the full Accountable.US report on Big Oil's attacks on Bloom Raskin, click here.

Accountable.US is a nonpartisan watchdog that exposes corruption in public life and holds government officials and corporate special interests accountable by bringing their influence and misconduct to light. In doing so, we make way for policies that advance the interests of all Americans, not just the rich and powerful.