Manchin to oppose Biden Fed pick over climate stances

[AZProgressive]

Sen. Joe Manchin (D-W.Va.) said Monday he will not vote to confirm President Biden's pick for a powerful position on the Federal Reserve Board over her criticism of the fossil fuel industry.

In a Monday statement, Manchin said he opposes Biden's nomination of Sarah Bloom Raskin to serve as the Fed vice chair of supervision because of his "concerns about the critical importance of financing an all-of-the-above energy policy to meet our nation’s critical energy needs."

Raskin, a former Fed governor and Treasury Department deputy secretary, had urged financial regulators and banks to pay closer attention to climate-related financial risks for years before Biden chose her to be the Fed's regulatory chief. She had also warned against making investment in fossil fuel projects and companies, noting the environmental risks and financial volatility within the sector.

While Raskin said throughout her confirmation hearing that she would use the Fed to steer funding away from oil and gas production, Manchin said the views on energy-related financial matters will cost her his support.

https://thehill.com/policy/finance/598098-manchin-to-oppose-biden-fed-pick-over-climate-stances

[at140]

1. Does Manchin's state have coal mining?

If yes, I can understand this.

[TheBlackAdder]

5. Per Wiki: Manchin's firm Enersystems is 71% of Manchin's investment income and 30% of his net worth

.

Enersystems coal brokerage

Manchin founded the coal brokerage Enersystems in 1988,[24] and helped run it until he became a full-time politician.[25] When he was elected West Virginia secretary of state in 2000, he gave control of Enersystems to his son Joseph. In Manchin's financial disclosure for 2020, he reported that his non-public shares of Enersystems were worth between $1 million and $5 million and that between 2011 and 2020 he was paid $5,211,154 in dividend income from them.[26][27] In 2020, he received over $500,000 in dividends.[28] Enersystems is 71% of Manchin's investment income and 30% of his net worth.[29]

https://en.wikipedia.org/wiki/Joe_Manchin

He doesn't care about advancing his state, about training residents in new energy technology--
he cares about his pocket and those of his buddies and business associates.

.

[Phoenix61]

6. Manchin has made his personal fortune off coal.

Overall employment in the industry totals about 14,300, or 1.9% of all jobs in West Virginia. West Virginia is the second poorest state with a poverty rate of 17.54%. Clean energy jobs would be the best thing in the world to happen to West Virginia. I just can’t figure out why Manchin doesn’t vote for them.

[dchill]

2. Tool. (Not the good kind.)

[50 Shades Of Blue]

3. Shocker.

[onecaliberal]

4. manchin opposes the pick because his owners at the oil company told him to.

They know the free ride is coming to an end. No more raping the country.

[gratuitous]

7. So what's your solution, Senator?

Fossil fuels have proved to be a planet-poisoning bust as far as producing energy. Their free market scarcity invites some of the least savory persons on the planet to mess with the supply for their own personal fun and profit, while disrupting the lives of millions in this country and billions around the world.

How does your pig-headed intransigence improve the situation for people around the world, and are you ignorant to how it benefits the sleaziest, greediest bastards currently walking the planet?

[Chellee]

8. He's perfectly aware of the benefits.

Because he is one of the sleaziest, greediest bastards currently walking the planet, who it's benefiting.