![]() ![]() ![]() ![]() The Arizona GDP is $375 billion, whereas the El Salvador GDP is $25 billion.Īs for the legal issues, it is plainly unconstitutional, because the states are not allowed to make anything other than gold and silver legal tender. In our coverage of the Arizona bill to make bitcoin legal tender, I recapped the situation and put it in context of GDP size. Arizona Bill to Make Bitcoin Legal Tender As for central bank digital currencies (CBDCs), it is safe to say that she’d agree with those other progressive central bankers like Christine LaGarde, who want to pursue a CBDC. She favors the unrestrained use of Fed regulatory powers to control bitcoin and other innovation in the currency space. Raskin also draws a hard line on bitcoin and private sector digital alternatives to the USD. She is a big supporter of using Fed policies and powers over banking regulations to promote a progressive political agenda, like climate initiatives. She served at the Fed previously during the Obama administration, so is no stranger to the Fed. This is a controversial nomination, because Raskin is a radical progressive. Of most note was the nomination of Sarah Bloom Raskin to fill Quarles’ vice chair seat and his role as head of supervision. This month, President Biden announced his nominees to replace Rosengren, Kaplan and Quarles at the Federal Reserve, three board members who stepped down in 2021. Raskin For Vice Chair Of The Federal Reserve “As a governor, she never advocated for the Fed to allocate private capital,” he added.Topics for this episode were the new nominees for the Federal Reserve board, the Arizona bill to make bitcoin legal tender, Evergrande and China, and finally, the IMF forecast for GDP in 2022. “There’s been a lot of hyperventilating about today’s nominees that is based on hyperbole and misrepresentation rather than their records and actual experience,” Senate Banking Chair Sherrod Brown (D-Ohio) said. Though some Democrats have criticized Federal Reserve Chair Jerome Powell for failing to do more on climate change, they argued Thursday that Raskin’s views are no different than his. “Now, the watchword here is resiliency, resiliency in the face of potential risks.” “Whatever the risk, the job of the banking regulators is to make sure that the banking system has appropriately accounted for these risks and is just prepared to mitigate them,” she said Thursday. Aggressive greenhouse gas emissions policies that make fossil fuels more expensive could devalue the assets held by banks, harming investments in firms whose business models rely on carbon-intensive goods and services, Raskin and other climate experts have said. Raskin has said that financial institutions should account for the risks posed by climate change. “President Biden’s nominee for Fed Vice Chair wants unelected bureaucrats to financially bully the private sector into policy changes which lack enough support to become law the honest way,” McConnell said. McConnell, a Kentucky Republican, blasted Raskin on the Senate floor Thursday, saying she would go beyond the Fed’s limited dual mandate to “pursue liberal environmental goals.” “The idea will be to allocate capital away from the heavily carbon-emitting parts of our economy,” he said. Toomey said the Fed’s plans to assess banks’ exposure to climate risks will inevitably lead to new restrictions, such as increased capital requirements or limits on their exposure to fossil fuel industries. Pat Toomey (R-Pa.), the top Republican on the Banking Committee, said. “This is one of the most remarkable cases of confirmation conversion I have ever seen,” Sen. Republicans were not satisfied and accused Raskin of reversing herself on long-standing positions. Pressed to explain her view, Raskin said it is “inappropriate for the Fed to make credit decisions and allocations based on choosing winners and losers.” And she said her op-ed was about decisions the Fed had made about emergency lending programs, not as part of the supervisory process. Senate Banking Republicans kept returning to Raskin’s earlier speeches and writing, including a New York Times op-ed in which she criticized the Fed for making changes to its emergency pandemic lending programs that she said would benefit struggling oil and gas firms. Senate Minority Leader Mitch McConnell jumped into the fray after the hearing, accusing her of planning to “bully” the private sector. Raskin’s nomination has turned into a battleground over the role the central bank should play in encouraging financial institutions to assess and mitigate the risks they face from climate change. ![]()
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