Economy

Yellen reportedly looking to name new climate ‘czar’ at Treasury

(CNBC) – Treasury Secretary Janet Yellen is looking to appoint someone to monitor the risks that climate change pose to the financial system, according to a Wall Street Journal report Friday.

Yellen reportedly is eyeing Sarah Bloom Raskin, former deputy Treasury secretary during Barack Obama’s presidency, to tackle the role.

As part of a new climate “hub” at Treasury, Raskin would further the Biden administration’s efforts across departments to look at how climate issues are impacting the economy, the Journal reported.

The Treasury Department did not immediately return CNBC’s request for comment.

During her Senate confirmation hearing, Yellen stressed the need to address the risks climate change pose.

However, efforts from the administration and other bodies to expand their mandate into climate change have received pushback from congressional Republicans, who worry about potential overreach.

At the Federal Reserve, which Yellen chaired from 2014 to 2018, officials in recent months have talked about asking banks to show how they would react to major climate events and if they are prepared in case of disaster. A good part of that push has come from Fed Governor Lael Brainard, who was a close Yellen ally at the central bank.

The latest round of stress tests the Fed will impose on the 19 largest banks does not include provisions related to climate change.

Raskin’s husband is Rep. Jamie Raskin, D-Maryland, who is one of the House impeachment managers in the trial for former President Donald Trump.

Read the full Journal report here.

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