At her confirmation hearing, Janet Yellen, the Biden administration’s Secretary of the Treasury, said, “I think we need to seriously look at assessing the risk to the financial system from climate change.” Now, she is making a move in that direction.
The Wall Street Journal reports that Yellen is looking to create a new position in the U.S. Treasury that is being referred to as the “Climate Czar.”
The job description
The Climate Czar, according to the Journal, would be tasked with reviewing “financial stability risks and tax policy incentives related to climate change.”
The purpose would be to protect against severe weather events, caused by climate change, which Yellen believes could lead to financial problems by damaging assets that are used as collateral in bank loans.
This all, of course, fits in line with President Joe Biden’s climate change agenda. We have already seen some aspects of that agenda with Biden reentering America into the Paris Climate Agreement and with Biden suspending new oil and gas leases on federal landed.
The leading candidate
If you were thinking about applying for the Climate Czar position, it appears that you are probably out of luck.
The Journal reports that Yellen is already considering Sarah Bloom Raskin for the spot. If the name sounds familiar that is because Sarah Raskin is married to Rep. Jamie Raskin (D-MD) who is one of the House impeachment managers in the current Senate impeachment trial against former President Donald Trump.
According to the Journal, Sarah Raskin was a part of the Obama administration, as deputy Treasury secretary. She also has previously worked alongside Yellen at the Federal Reserve when Yellen was the chair.
Republicans are already raising the caution flag regarding Yellen’s Climate Czar idea.
According to Breitbart, “One danger cited by conservatives is that the [Climate Czar] position could be used to pressure banks out of providing financing to companies disliked by environmental activists, including fossil fuel companies.”
Yellen has also been in the news recently after she received over $800,000 in speaking fees from Citadel, a hedge fund that was involved in the whole GameStop scandal.
The White House denied any wrongdoing on Yellen’s part.