Republicans take aim at Biden's Federal Reserve nominees at tense confirmation hearing

President Biden's nominees to serve on the Federal Reserve Board of Governors faced a heated grilling from Republicans on Capitol Hill Thursday, as GOP lawmakers warn of central bank overreach and claim some of the president's nominees threaten to move the Fed further away from its mandate focused on price stability and maximum employment.

Sarah Bloom Raskin, who is nominated to serve as the Fed's top bank regulator, defended her views on financial regulators' role in combating climate change, saying in her opening statement that banks choose their borrowers, the Fed does not.

"The role does not involve directing banks to make loans only to specific sectors, or to avoid making loans to particular sectors," Raskin said.