President Joe Biden talks with Jerome Powell, his nominee to remain as the Federal Reserve Chair and Lael Brainard, nominee to be the Federal Reserve Vice Chair, Monday, November 22, 2021, in the South Court Auditorium of the Eisenhower Executive Office Building at the White House. (Official White House Photo by Adam Schultz)
Are you thinking that without any legislative support from Congress, the Executive Branch has little to no power on its own to affect a multi-trillion-dollar transformation of our energy economy? Well think again, urges Francis Menton.
The Constitution on America’s Side?
Unfortunately for America, President Biden and the bureaucracy think otherwise, writes Mr. Menton in Manhattan Contrarian. The Constitution is not necessarily on America’s side.
In their view, “saving the planet” from you having a warm home in the winter is a moral imperative so compelling that it overrides the Constitution and demands that they have the power to make you do as they say in every respect.
Mr. Menton reminds readers, only the courts stand in the Left’s way.
Increasing the Scope of the Central Bank
According to Senator Pat Toomey, ranking member of the Senate Banking Committee, Republicans want answers to “basic questions” from Sarah Bloom Raskin, Biden’s nominee for vice-chair of the Fed for supervision. Republicans claim Ms. Raskin is seeking to expand the scope of the central bank. Progressive Dems want the central bank to take on a more aggressive role in addressing climate change and social issues.
Instead of doing what the Federal Reserve was meant to do – protecting the American dollar – the Left wants to use it as a weapon for its pet project, argues the WSJ’s editorial board. Republicans worry that the Fed is straying beyond its dual mandate of stable prices and full employment.
False Claims
#1: Sarah Raskin is calling for the Fed to redirect capital from fossil fuels to green energy.
Ms. Raskin who has called for the Fed to redirect capital from fossil fuels to green energy. As vice chair for supervision, she’d have sweeping power to regulate the financial system. Progressives claim Ms. Raskin’s views on climate regulation are no different from Chairman Powell’s. That’s false.
Systemic Racism = Economic Injustice
#2: Lisa Cook’s “lack of monetary policy” is of valid concern among Republicans
(Ms. Cook’s) academic scholarship has focused almost entirely on race, and she seems to think systemic racism is the root of all economic ills. No doubt she would fit in well at university faculty lounges with similar views.
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