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Political Discussion
Reply to "Biden strikes out with King Manchin"
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[quote=Anonymous][quote]What this debate is really about is whether or not policymakers should use the banking system to implement climate change policies. That is, increasing capital requirements for banks on exposures to oil & gas companies, which in turn makes financing more expensive for these companies. Some jurisdictions are even going so far as to highly restricting the amount of exposure banks have to such companies.[/quote] It is a debate, but it is disingenuous for members of Congress to attack the Fed for not conducting industrial policy through banking regulation. To do so is well outside the Fed's mandate and would risk its independence. Congress can decide industrial policy and could legislate that it be implemented through banking regulations. Until that happens, congressional members should refrain from criticizing the Fed for not devising banking rules intended to pick losers and winners among private sector businesses. [/quote]
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