Biden nominee under pressure from GOP rejects Fed climate regulation

Sarah Bloom Raskin, President Joe Biden’s pick for a top Federal Reserve role, pushed back on accusations that she would seek to have the Fed combat climate change.

Raskin, testifying before the Senate Banking Committee on Thursday, appeared prepared to address Republicans’ concerns that she supports reallocation of capital away from companies that contribute to climate change. If confirmed as vice chairwoman for supervision, she would have one of the most powerful roles within the central bank.