Climate

New financial disclosure filings reveal that Elizabeth Rosenberg, Biden’s pick for Assistant Secretary of the Treasury for Terrorist Financing, was a consultant for ExxonMobil and a Big Oil-aligned corporate law firm.

On the occasion of President Biden’s meeting with top financial regulators to discuss the health of the financial system, including climate-related risk, Revolving Door Project Executive Director Jeff Hauser issued the following statement:

Asset management giant BlackRock most recently made the news for buying up huge tracts of U.S. housing stock to become, essentially, a massive corporate landlord at the expense of all the rest of us. (Seems like they are learning a thing or two from private equity firm Blackstone, to which they formerly belonged, which is infamous for its predatory and downright evil infiltration of the housing market.)

Michael Connor of WilmerHale has been appointed to run a surprisingly important agency in efforts to mitigate the climate crisis.

Over the course of the next eight months, Biden will have the opportunity to reshape the Federal Reserve Board of Governors with nominations for up to four of its seven seats, including the positions of Vice Chair of Supervision, Vice Chair, and Chair (listed in the order they will become vacant). In choosing nominees for these posts, it will be essential that Biden consider the full weight of the Federal Reserve’s immense power and select individuals who are ready and willing to deploy every ounce of it to advance the public interest.

Progressives have generally seen Gary Gensler, the newly confirmed chair of the Securities and Exchange Commission (SEC), as a loyal advocate for the public interest. His tenure at the Commodity Futures Trading Commission (CFTC) was one of the few bright spots in Barack Obama’s financial regulatory regime. But in April, Gensler named Alex Oh to be his director of enforcement, before she resigned a week later amid negative media attention. Before joining the SEC, Oh had directly facilitated an ExxonMobil executive’s obstinate deposition testimony (reportedly read off an attorney-drafted script) in the face of plaintiff objections—and the case itself centered on accusations of torture, rape, and murder by ExxonMobil-hired guards in an Indonesian village.

President Biden announced last week the appointment of Michael Connor to be the Assistant Secretary of the Army for Civil Works within the Department of Defense, making him responsible for the entire Army Corps of Engineers.

The Fed is more than monetary policy, and we need to think of the Fed chair’s whole role. Since democratic control of the Fed is exercised primarily through presidential appointments, we must consider Powell’s record holistically. It’s not a good one.

Last week, SEC Commissioner Gary Gensler named corporate BigLaw partner Alex Oh as Director of Enforcement of the SEC. Oh’s nomination, especially in an agency tasked with holding Big Banks accountable, is deeply concerning given her history working for some of the worst corporate influences. Oh, who has served as a partner at the BigLaw firm Paul Weiss since 2004, has taken on clients with direct conflicts of interest including Big Banks, fossil fuel companies, and Big Pharma.

Progressives and climate activists were initially heartened by the prospect of Gary Gensler at the helm of the U.S. Securities and Exchange Commission (SEC), the regulatory powerhouse responsible for regulating coordinating stock trading. And some of Gensler’s initial staffing decisions also inspired plaudits. However, we were shocked when SEC Chairman Gensler announced last week he would appoint veteran Wall Street defense lawyer Alex Oh to lead the SEC’s powerful enforcement division. This appointment is an absolute rejection of progressive values, not to mention climate reality.

The U.S. Treasury Department announced today that John Morton would be appointed as its first Climate “Counselor,” tasked with organizing financial-related climate work across the executive branch’s financial regulators.

President Biden announced last month that he would nominate Todd Kim to be the top environmental lawyer at the Department of Justice. It was a relatively quiet announcement, devoid of much fanfare, compared to the position’s enormous potential to shape environmental and climate policy for years to come.

Hochstein previously served in the Obama State Department, where his job was essentially to secure access to global oil fields on behalf of putatively American multinational Big Oil firms.

With so many competing priorities, it’s justifiable that Yellen has not given her full attention to every single crisis under her purview. But she can no longer dodge her other big duty: financial policy and Wall Street regulation.

Elizabeth Rosenberg, a lesser-known Obama-era official, is being considered to lead the Treasury Department’s Terrorism and Financial Intelligence unit. Her record designing painful economic sanctions, supporting fossil fuel industry-friendly policies, and helping powerful corporations gain close access to the highest levels of government is cause for alarm, writes Vishal Shankar.