It’s the first fintech trust company to get approval, which occurred while Bloom Raskin was at Treasury.īloom Raskin joined the board of Reserve Trust in 2017 and left in 2019, selling the stock she had acquired in the company for $1.5 million in 2020. Reserve Trust received a coveted Fed master account, which provides access to the Fed’s payments system. Others have attacked Raskin’s role as a board member for Denver-based fintech company Reserve Trust. "Bank supervisors must make sure that the safety of banks and the resilience of our financial system are never compromised in favor of short-term political agendas or special interest groups," she said in her testimony. financial system, bank regulators need to say “attentive to risks no matter where they come from,” including those inside the financial sector, as well as those from nature and even cyberattacks. “She’s repeatedly, publicly, and forcefully advocated for using financial regulation-including the Fed-to allocate capital and de-bank energy companies.”īloom Raskin did note in her testimony, however, that to ensure the resilience of U.S. Raskin want to misuse bank regulation to impose environmental policies that Congress has refused to enact,” Senate banking committee ranking member Pat Toomey (R-Pa.) said Thursday during the hearing. That has riled up Republicans, in particular, who say that Bloom Raskin would use bank regulation to impose policies they disagree with. “The decisions that the Fed makes today will go a long way to determining whether tomorrow’s economy is one that remains susceptible to more chaos and vulnerability or builds economic security and resilience,” she wrote in a May 2020 New York Times op-ed. Controversially, she’s advocated to limit the Fed’s investments in oil and gas. Over the years, Bloom Raskin has pointed out that the Fed and other federal regulators need to be conscious of the risk posed by climate change. Here’s what you need to know: So what does she want to do about climate change? Sherrod Brown, her nomination has proved controversial thanks to her previous statements in support of the federal regulators taking more action on climate change. While she’s arguably one of the “most qualified people ever nominated for the Federal Reserve” according to Sen.
Sarah Bloom Raskin-who served as a Fed governor and deputy secretary of the Treasury during the Obama administration-was in front of Congress on Thursday morning, along with President Joe Biden's two other nominees for Fed governors, to secure the nomination for the role of Federal Reserve’s vice chair for supervision. central bank to exclusively tackle climate change? Probably not, but her confirmation hearing Thursday definitely had a lot of lawmakers asking questions along those lines. Is the latest Federal Reserve nominee really an environmental firebrand who wants to overhaul the U.S.
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