The Federal Reserve does not get to decide energy policy

Under the Biden administration, climate policy has been injected into the regulation of our financial system. As a result, the credibility and apolitical nature of our financial regulators is being steadily eroded.

Consider some of the statements of President Biden’s nominees to two of the most powerful financial regulator posts; they demonstrate a clear bias toward an energy sector responsible for employing thousands of Americans. Biden’s former nominee to be the Comptroller of the Currency, Professor Saule Omarova, said of smaller fossil-fuel producers: “we want them to go bankrupt if we want to tackle climate change.”