Federal Reserve Governor Lael Brainard, in a hearing for her nomination to become the US central bank's vice chair, pledged on Thursday to help bring inflation under control.
Ms Brainard also deflected Republican senators' concerns that she would use the position to sway national climate change policies.
In a hint that her nomination may be part of a larger partisan debate about the Fed's direction, she was questioned by Republican Senator Pat Toomey on whether her support for more climate research and analysis at the central bank was "a precursor to direct capital away from" carbon-intensive industries.
"I have not suggested we do stress tests for climate," Ms Brainard said. "We would not tell banks which sectors to lend to or not lend to.
"But we do want to make sure they are measuring, monitoring, their material risks."
Her comments on climate were similar to those delivered by Fed Chair Jerome Powell at his own nomination hearing before the Senate banking committee on Tuesday.
But the questioning by Mr Toomey and other Republicans reflected deeper concern that appointments by the administration of US President Joe Biden may steer the Fed in a more aggressive direction that makes credit more expensive for legacy oil and gas companies or carbon resource exploration.
On monetary policy, Ms Brainard stuck to what is now a unanimous Fed consensus that interest rates will need to move higher this year, which she said could be done as soon as the Fed stopped a separate asset purchase programme in March.
Legislators from both parties are concerned about the fast pace of price increases, and some Fed officials have pointed to March as the possible time for "lift-off" from the near-zero policy interest rate in place since the start of the pandemic in March 2020.
In her opening remarks to the Senate panel, Ms Brainard said controlling inflation that has surged to a nearly 40-year high is the "most important task" facing the Fed, in comments echoing those of Mr Powell earlier in the week.
But unlike the session with Mr Powell, which included statements of support from both sides of politics, no Republican senators pledged to vote for Ms Brainard, a Democrat who was first appointed to the Fed in 2014 by president Barack Obama.
To become vice chair she would need confirmation by a majority of the Senate.
While Democrats hold narrow control of the chamber, some of Mr Biden's top priorities have been stalled by Democratic opposition, perhaps most notably from Senator Joe Manchin of West Virginia, a coal-producing state where climate change policies are also controversial.
Ms Brainard could remain a Fed governor regardless of whether she becomes vice chair.
As a governor, she has been a frequent dissenting vote against steps taken during former president Donald Trump's administration and under Mr Powell to loosen oversight of the largest banks.
Ms Brainard also called for the Fed to require financial companies to set aside more capital, and worried that Fed officials were behind European central bankers in understanding how climate change might affect the macroeconomy and financial system.
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Punchy appearance
Roars of support buoyed Mr Johnson in an extremely confident and combative appearance
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Brief scoreline:
Crystal Palace 2
Milivojevic 76' (pen), Van Aanholt 88'
Huddersfield Town 0
