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Overnight Energy and Environment – Manchin threatens Fed nomination on climate

Si Sen. Joe Manchin (DW.Va.) addressed reporters at a press conference on Thursday, March 3, 2022 to introduce the Banning Russian Energy Imports Act.

Welcome to Monday’s Overnight Energy & Environment, your source for the latest news focused on energy, the environment and more. Subscribe here: thehill.com/newsletter-signup.

Now we look at Sen. Joe Manchin (DW.Va.) indicating opposition to a major nominee in the Biden Federal Reserve, green groups demanding more from Senate Majority Leader Chuck Schumer and what a major energy leader thinks next for in energy prices.

For The Hill, we are Rachel Frazin and Zack Budryk. Write to us with tips: [email protected] at [email protected]. Follow us on Twitter: @RachelFrazin at @BudrykZack.

Let’s ride.

Manchin opposes the Fed nominee

Sarah Bloom Raskin, nominee to be vice chairman for administration and a member of the Federal Reserve Board of Governors, speaks at the Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Thursday, February 3, 2022

Sarah Bloom Raskin, nominee to be vice chairman for administration and a member of the Federal Reserve Board of Governors, speaks at the Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Thursday, February 3, 2022

Sen. said. Joe Manchin (DW.Va.) on Monday that he would not vote to confirm President Biden‘s pick for a strong position on the Federal Reserve Board in its criticism of the fossil fuel industry.

In a statement Monday, Manchin said he opposes Biden’s nomination Sarah Bloom Raskin to serve as vice chair of the Fed administration 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.”

The story so far: Raskin, a former Fed governor and deputy secretary of the Treasury Department, urged financial regulators and banks to pay attention to climate -related financial risks for years before Biden chose him to be head. of Fed regulation. He also warned against making investments in fossil fuel projects and companies, citing environmental risks and financial volatility within the sector, and opposed the Fed providing emergency loans to companies. of fossil fuel at the height of the coronavirus pandemic.

While Raskin said throughout his confirmation hearing that he would not use the Fed to divert funding from oil and gas production, Manchin said that views on energy -related financial matters would take his support. .

“Now more than ever, the United States must have policy leaders and economic experts focused on the most pressing issues facing Americans and our nation – specifically rising inflation and energy costs. , ”Manchin said.

“The time has come for the Federal Reserve Board to return to its core principles and dual mandate of controlling inflation by ensuring stable prices and maximum employment. I will not support any future nominee who does not respect the critical this priority. “

What else? Without Manchin’s vote, Raskin would need the support of at least one Republican senator to be confirmed by the upper chamber. Democrats tightly control the 50 -member Senate with the tiebreaking vote of Vice President Harris. Manchin’s opposition would also strengthen the GOP’s Senate block on Raskin’s nomination to the Senate Banking Committee, which angered him and four other Fed nominations.

In a statement Monday, the White House called Raskin “one of the most qualified people ever nominated” to the Fed and said they were still working to confirm him despite Manchin’s opposition.

“He gained widespread support in the face of an unprecedented, baseless campaign led by oil and gas companies that sought to destroy his distinguished career. We are working hard to align the bipartisan support he deserves, so that he will be confirmed by the Senate for this important position, ”Biden deputy press secretary Chris Meagher said in a statement.

However, Raskin is likely to face insurmountable hurdles at every stage of the confirmation process.

Read more from Sylvan Lane of The Hill.

Schumer is a target of progressive groups

Majority Leader C. Schumer (DN.Y.) addressed reporters following the weekly policy luncheon on Tuesday, March 8, 2022.

Majority Leader C. Schumer (DN.Y.) addressed reporters following the weekly policy luncheon on Tuesday, March 8, 2022.

Progressives expect the heat to dissipate on the Majority Leader Charles Schumer (DN.Y.) in an effort to push climate action across the congressional end line.

Negotiations on the Biden administration’s climate and social spending agenda were further stalled in December after the Sen. swing vote. Joe Manchin (DW.Va.) said he voted against President BidenBuild Back Better’s plan.

But progressive groups see Manchin’s comments in recent weeks as a signal of openness in spending on climate issues and push the leadership to bring the issue to the forefront.

“In his own words, Majority Leader Chuck Schumer the Senate promised to ‘forcefully, forcefully, and urgently’ to address climate as the biggest threat to our country. But after more than a year of Democratic control in Washington, he still can’t deliver, ”Evergreen Action Executive Director Jamal Raad said in a statement first shared with The Hill.

The group also releases a video on Mondayfirst shared with The Hill, calling Schumer to “deliver.”

What’s next? SLocal climate groups said they will show up outside Schumer’s home on Monday.

Alice Hu, a federal climate campaigner at New York Communities for Change, said she was disappointed with the senator.

“You work as the leader of your party to manage those relationships and broker those deals,” Hu said.

“His inaction and his inability to do his job properly will not only cost us this piece of legislation … it will literally cost us our future,” he added.

Manchin earlier this month put a diminished bill which will include spending priorities for Democrats, possibly including climate change.

“Half of that money should be focused on fighting inflation and reducing the deficit,” he said. “The other half you can opt for a 10-year program, whatever you think is the highest priority and right now it seems like the environment.”

The Senate has focused the last few weeks on other issues, including Russia’s war with Ukraine and the government funding bill.

Schumer recently mentioned the social and climate spending agenda, which would have to pass the Senate with a simple majority vote in a process called reconciliation, in a “Dear Comrade” letter.

Read more about push here.

VIRTUAL EVENT ANNOUNCEMENT

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The leaps in digitalization are refining the way we live, learn and work. At the heart of these changes are high-powered networks that make data connectivity and optimization possible. Join Steve Clemons of The Hill for conversations Sen. Deb Fischer (R-Neb.), Rep. Robin Kelly (D-Ill.), Rep. Grace Meng (DN.Y.) etc on the role of networks in creating a more sustainable, equitable and livable tomorrow. RSVP here. Virtual Event Invitation-The Future of Education-Thursday, March 17 at 1:00 PM ET/10: 00 AM PT

The worst price increase is not over yet

It is likely to be “too optimistic” to assume that energy prices have hit their peak amid the ongoing conflict in Ukraine, the executive director of the International Energy Agency said on Monday.

“I think [whether] the worst is done or not depends on A, what Russia’s next steps are to continue the aggression or not, politically and also in the energy sector, ”Fatih Birol told The Washington Post’s Heather Long on Monday .

“Not Russia [just] any country when it comes to energy. Russia is now the world’s leading oil exporter and the world’s leading natural gas exporter, and as a result, Russia’s aggression and the decision made by the international community to ban or reduce Russia’s energy imports are there are huge implications for energy balances, “he added.” And I think it would be too optimistic to say that the worst has ended where we stand today. “

However, Birol also expressed hope that world powers could emerge from the crisis with a more innovative energy approach, noting that “when you look at countries … they responded in the 1970s [gas crisis] with more innovation in energy technologies, from nuclear power becoming part of the global energy scene to pushing energy efficiency, vehicle efficiency, fuel efficiency. ”

“So I also hope that by the end of this crisis, the first global energy crisis, the not only states – Europe, Japan, emerging countries – will come up with new energy policies that will accelerate the transition of clean energy, “he said. “As such, it could be a historic turning point in energy policy making around the world.”

Read more about Birol’s statements here.

WHAT WE READ

  • How an Electric Truck Factory in Georgia Became a Lightning Rod (The New York Times)

  • The tsunami warning system in the United States needs major overhaul (The Washington Post)

  • How Andrew Wheeler’s nomination to Va. (E&E news)

  • EPA designated the Lower Neponset River as a Superfund site (The Boston Globe)

  • Russia’s gas and oil boycott could cause widespread hardship, Germany says (The keeper)

ICYMI

And finally, something bad and ugly: Chi-kovsky

That’s all for today, thanks for reading. See The Hill’s energy and environment page for the latest news and coverage. Let’s meet on Tuesday.