Treasurer Moore joins coalition to oppose Raskin appointment to Federal Reserve

BRIDGEPORT, W.Va. (WDTV) - State Treasurer Riley Moore on Monday announced he has joined a national coalition to oppose the nomination of Sarah Bloom Raskin to a key position with the Federal Reserve.

“Sarah Bloom Raskin has made clear on multiple occasions that she wants to use the power of the Fed to direct capital based on her personal social agenda rather than the demands of the economy,” Treasurer Moore said. “We cannot allow President Biden to turn the Federal Reserve into a radical central planning politburo aimed at reshaping our society – we must reject this nominee.”

Treasurer Moore joined a coalition of 24 Treasurers, Auditors and Financial Officers from 21 states to encourage President Biden to withdraw Raskin’s nomination to be Vice-Chair for Supervision at the Federal Reserve Bank.

“It is clear that Ms. Raskin is willing to place the growth and stability of the U.S. economy at risk to achieve her preferred social outcomes,” the coalition wrote.

According to Treasurer Moore, Raskin has been outspoken in advocacy for the Federal Reserve and other financial agencies to use their regulatory powers to stifle the flow of capital to the coal, oil, and natural gas industries and send it towards less reliable energy technologies.

“The American people are already suffering from generationally high inflation, and this will only be made worse by a centrally planned push toward more expensive, less reliable forms of energy,” Treasurer Moore said. “It will also destroy the economies of energy-producing states like West Virginia, damaging the growth for our national economy – which depends on a reliable electrical grid – making us more dependent on foreign sources of energy.”

Treasurer Moore said Raskin’s nomination demonstrates President Biden is attempting to use the Federal Reserve to advance an agenda that has been repeatedly rejected by Congress.

“President Biden knows he can’t shove his Green New Deal and Build Back Better social agenda through Congress, so he’s trying to push it through in other ways,” Treasurer Moore said.