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Sarah Bloom Raskin Faces a Controversial Hearing in the Senate

The business group asked if Ms. Raskin was independent of politics. After the Democratic members of the Federal Deposit Insurance Corporation Board of Directors clash With and ultimately leading to the resignation of Trump appointee Jelena McWilliams, who is chair of the regulator, some Republicans have raised concerns that something similar could happen at the Fed. .

In December, partisan politics helped eliminate the nomination of Saule Omarova, who self-retreat from being seen as the controller of the currency after attacks from Republicans and banking lobbyists, and as she struggled to garner broad enough support from the Democratic Party.

In contrast, the banking industry has a more favorable view of Ms. Raskin. The Financial Services Forum, which represents executives from the largest banks, congratulates Ms. Raskin and other White House Fed picks in a statement after their nominations were announced, as well as American Bankers Association.

Ms. Raskin is considered a qualified candidate who understands the roles of various regulators in overseeing banks, according to a banking industry executive who requested anonymity during discussions. on regulatory issues. While bankers expect Ms Raskin to be confirmed, they are waiting for more clarity around her stance on climate finance and disclosures, the executive said.

When she was seen as a primary choice, centrist Democrats were pleased with Ms. Raskin.

“I’m very impressed with her,” Senator Mark Warner, a Democrat of Virginia, said Tuesday, adding that he hasn’t met her yet but he “has a good feeling” and notes that the The bank expressed comfort to her.

Senator Joe Manchin III from West Virginia, a key centrist Democrat, said Wednesday that he has yet to research the nominees, adding that he “will be involved in that.” because he is “very interested” in issues including inflation.

A Harvard-trained attorney, Ms. Raskin is a former deputy secretary at the Treasury Department, where she gathers on cybersecurity of the financial system, among other issues. She also spent several years as Maryland’s financial regulator. Ms. Raskin is married to Congressman Jamie Raskin, a Maryland Democrat.

https://www.nytimes.com/2022/02/03/business/economy/federal-reserve-sarah-bloom-raskin.html Sarah Bloom Raskin Faces a Controversial Hearing in the Senate

Fry Electronics Team

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