Thursdays Overnight Energy & Environment – Welcome!The latest news from the environment and energy sector. Subscribe here:thehill.com/newsletter-signup.
Today’s focus was on climateissues from Sarah Bloom Raskins, Federal Reserve nominee, confirmation hearing. The next second-look that a Senate panel will take at an Interior nominee for Biden and the latest news on the Oversight Committees Big Oil hearings.
Rachel Frazin was the Hill’s editor and Zack Budryk was its reporter. Send tips to [email protected], [email protected]. Follow us on twitter: @RachelFrazin @BudrykZack.
Lets jump in.
Raskin: Fed shouldn’t ‘pick winners or losers’
President Biden
Joe BidenOathKeepers leader spoke to Jan.6 panel from detention center Biden nominee is under scrutiny over fintech work and compensation Overnight Defense & National Security Pentagon deploying 3,000 soldiers to Europe MOREThe Federal Reserve regulatory chief was chosen. He said that it was inappropriate for the central banking to steer business away fossil fuel companies, despite previous calls for stronger financial regulators to combat climate-related risks in their financial system.
Sarah Bloom RaskinBiden nominated Joe Spangler to be Fed vice-chair of supervision last month. He told senators that the bank should not pick winners nor losers, but instead concentrate on assessing climate risk facing banks.
It is not appropriate for the Fed to make credit allocations or decisions. During her confirmation hearing, Raskin stated that banks choose their borrowers and not the Fed. She was joined by Phillip Jefferson, an economics professor, and Lisa Cook, who Biden nominated to fill two vacant seats on Fed’s board.
Raskin stated that the Fed should not decide winners and losers. This is not the Fed’s proper institutional role. This is a fundamental principle of Fed supervision.
She stated that she’s maintained that standard throughout her career in financial policymaking.
Background:If confirmed by Senate, Raskin would be the Fed supervisor and regulator of the banking system. She is a former Fed board member from Obama’s time and deputy Treasury secretary. Although she received broad Republican support for her previous appointments at the Fed and Treasury, GOP senators rallied against Raskins’ current bid for the bank to join them over her statements about climate change.
Republicans like Sen. Pat Toomey
Patrick (Pat Joseph Toomey)Conservatives are outraged Sarah Bloom Raskin believes in capitalism Meet Joe Manchin, Washington’s most ineffective senator Black women look to capitalize on gains in the coming elections(Pa.), laid out what is now a standard playbook for preventing executive branch attempts to address climate risks.
So what’s the argument?Democrats argue that assessing and reducing climate risks is well within Federal Reserves existing mandate. Republicans offered a Catch-22. They said that even though Congress has struggled over the decades to act on climate changes, it is still Congress’s job.
Toomey stated that the unelected governors at America’s central bank should not be responsible for dealing directly with difficult issues such as global warming, education policy, and social justice.
You can read more about the confirmation hearing of Raskins from The Hills Sylvan Lane or Saul Elbein.
COMMITTEE ISSUES WARNING BIG OIL
Thursday’s House Oversight and Reform Committee announcement stated that a hearing would be delayed with board members representing several major oil companies. It also warned that the postponed meeting would not be a last chance for cooperation.
Originally scheduled for next weekA statement from the committee stated that the hearing would take place on March 8. Exxon and Chevron board members, BP, Shell and BP were also invited.
Chair of the Committee Carolyn Maloney
Carolyn MaloneyDHS will regulate controversial Border Patrol Teams NY attorney general subpoenas GSA to records on Trump hotel deal: Report Overnight Defense & National Security Inside Austin’s civilian harm directive(D.N.Y.) described the new deadline in a statement as a last opportunity for the companies to cooperate and threatened further actions.
The March hearing should be viewed by the Big Oil companies as their last chance to co-operate. She stated that if their board members refuses appearance, they should expect further action to this Committee.
Pushback from Interior: Second hearing for Interior Pick
Sen. Joe Manchin
Joe ManchinSchumer dismisses talk of possible primary threats Manchin, Sinema The Hill’s 12:30 Report – DC reacts to a new football team name The Hill’s Morning Report – Dems shaken by senator’s stroke, major status MORE(D-W.Va.), is facing criticism from a fellow Democratic Senator for his decision not to allow Republicans a second chance at asking tough questionsof a key Interior Department nominee.
Laura Daniel-DavisThe Senate Energy and Natural Resources Committee will hold a second round of questioning on President Biden’s choice to be the assistant Interior secretary for land and mineral management. Manchin is the chairman of the committee, although she had a confirmation hearing in September and it has already voted on her nomination.
Sen. Ron Wyden
Ronald Lee WydenGraham and Blumenthal reintroduce controversial Section 230 bills Top Biden official says information class system undermines national security and public trust Senate Democrats urge Biden get a strengthened-up child credit into spending deal(D-Ore.), who was previously the chair of the panel, attacked the second hearing without naming Manchin during a statement to The Hill.
According to a Wyden spokesperson, Senator Wyden believes that Laura Daniel Davis-Davis had testified sufficiently on her nomination before this Committee. This second hearing is nothing other than an opportunity for Republicans, to bully, bully and harass a highly-qualified nominee for a job they need to fill.
Sen. John Barrasso
John Anthony BarrassoWhat are Republicans for? Sunday’s preview: Justice Breyer announces his retirement from the Supreme Court Watch: GOP leaders discuss Biden’s first year as president MORE (Wyo.According to Mike Danylak, Manchin, the top Republican on the panel, requested another hearing for his nomination.
Danylak said Barrasso wanted another hearing to look into what he called an assault on energy independence by Biden administration. He also stated that the senator has not received answers from department officials on many issues related to her position.
What has happened?The panel voted against Davis’ nomination in November. Ten Democrats including Manchin voted in favor of her, while the panel’s 10 Republicans opposed her nomination.
The tie vote allows the nomination to continue to be considered on Senate floor, where Vice President Harris can break a tie if there’s a 50-50 vote.
Some outside supporters of the nomination were also furious at the decision.
Aaron Weiss, deputy Director of the Center for Western Priorities, stated that Manchin made a mistake by allowing the second round.
Barrasso stated that nothing has changed and that the vote will remain the same. This is just an opportunity for Barrasso, he said, to make another grandstand with the same outcome. He said that it was incumbent on Senate Minority Leader Charles Schumer
Chuck SchumerThe America Competes Bill: Let’s ensure it helps us compete. Sen. Lujn has suffered a stroke and is expected to make a full recover. On The Money How Breyer bailing out blocks Build Back Better(D.N.Y.) to schedule an entire floor vote on nomination
But…this isn’t the first instance of this happening.The committee was re-examined in 2014 by Wyden, who was the chairman.President Obama
Barack Hussein ObamaBiden nominee is under scrutiny over fintech work and compensation White House announces team for SCOTUS Pick Judge rules Oath Keepers leader will be transferred to DC jailNominated for an Interior role.
Learn more about the hearing here.
THE 90s ARE BACK
Crude oil prices reached $90 a barrel on Thursday afternoon, for the first time since 2014.
WTI futures in West Texas Intermediate (WTI), the benchmark used in the U.S. rose sharply Thursday afternoon, peaking at $90.28 around 3:24 p.m. ET and fell slightly to $89.98 by 4:15 p.m. ET. At 4:30 p.m., the price was reverted to $90.38 ET.
The price of gasoline could be affected by rising oil prices.
President Biden suffered political damage from a surge in prices last year amid higher inflation. However, the factors that determine prices are many and far beyond his control.
Despite pressure from the U.S., and others, OPEC+, a group representing oil-producing countries, agreed this week to continue with gradual increases, despite calls for a steeper change.
Learn more about oil prices.
WHAT WAS READING
- Delaware offers a litmus-test for Bidens EJ plans (E&E News)
- It is a monumental step. Hanford radioactive waste is being processed industrially (Tri-City Herald)
- Farmers test microbes to feed crops as the climate changes and costs rise.Reuters)
ICYMI
Let’s not forget the fun part: Think you know a lot more about environmental policy? WaPo has a quiz.
This is it for today. Thanks for reading. Check out The HillsEnergy & Environment PageStay up-to-date with the latest news and coverage We hope to see you tomorrow.