Reporter Memo: Federal Reserve Vice Chair of Supervision Nominee the Honorable Sarah Bloom Raskin
TO: Editors, Editorial Writers, and Reporters
FROM: Senate Banking and Housing Committee Majority Staff
RE: Federal Reserve Vice Chair of Supervision Nominee the Honorable Sarah Bloom Raskin
OVERVIEW: President Biden’s Fed nominees will get to work on the economic issues that matter most to Americans’ lives, like raising wages, increasing job opportunities, and bringing down prices.
· Governor Sarah Bloom Raskin has dedicated much of her career to public service – she served on the Fed and at Treasury – and also has private sector experience that adds to her perspective on the economy.
· As a former state regulator, she understands our banking system and the important role that small and midsize banks play in our local communities.
· She has fought for working Americans – following the 2008 financial crisis, she focused on protecting consumers.
· She understands some of the most pressing issues in our financial system, from income & wealth inequality to the economic risks of climate change to cybersecurity challenges.
· She is exactly who we need to return to the Fed as Vice Chair for Supervision at this critical moment. She’ll help rein in Wall Street and make sure we have a strong recovery from the COVID-19 crisis for all American families.
What they’re saying:
"Sarah Bloom Raskin is an outstanding choice to be the Federal Reserve Board of Governors’ Vice Chair for Supervision…She is the right person to balance the health of Wall Street with that of Main Street."
“Raskin’s record suggests she’s well qualified. The Senate should allow her to get to work without delay.”
“The characterization of Sarah Bloom Raskin as someone who will use the powers of the Fed for political purposes is simply false. I saw every day Sarah’s commitment to the Fed’s dual mandate, its independence, and its culture of collegiality. It would be contrary to her nature to do anything else.”
Betsy Duke, Former Fed Governor in Morning Money
“[Raskin] Brings a wealth of experience to a Fed role."
Glenn Hubbard, Former Chair Council of Economic Advisors under President Bush in Morning Money
“The job of the new Federal Reserve vice-chair of supervision is clear: keep the financial system stable. The harrowing experience of the 2008 financial crisis demonstrated the costs of failing to do this task properly. The much more successful navigation of the coronavirus pandemic by big US banks — supported by monetary largesse — showed, by contrast, what can be gained from stricter regulation of a sector that is so fundamental to the wider economy. For that reason former Treasury official Sarah Bloom Raskin is a welcome choice by president Joe Biden for the nomination.”
The Financial Times Editorial Board
“The IIB congratulates Sarah Bloom Raskin on her nomination to serve on the Board of Governors of the Federal Reserve System as Vice Chair for Supervision…Ms. Raskin’s service at the Federal Reserve and the U.S. Department of Treasury, positions for which she was confirmed by the U.S. Senate by voice vote, as a state regulator, and in the private sector, demonstrates her intellect, qualifications, and commitment to transparency and integrity."
Institute of International Bankers (IIB)
“[W]ith the appointment of Sarah Bloom Raskin to the top job overseeing the nation’s banks, President Biden has acted to ensure average Americans will have a seat at the table when important economic decisions are made, I strongly urge the Senate move swiftly to confirm all three candidates so they can bring the voice of America’s working families to the powerful Federal Reserve.”
Ray Curry, President, United Autoworkers of America (UAW)
“She's a solid regulator and, I think, a really good choice”
Betsy Duke, Former Fed Governor
“[Raskin] has a good administrative, bureaucratic background and I think she’s well qualified for the job…I think she’ll get confirmed."
Richard Fischer, Former Dallas Fed President, CNBC Interview
“All three of President Biden’s nominees are extremely well qualified and would bring extraordinary expertise to the work of the Fed. All three are committed to the Federal Reserve’s mandate of maximum employment and stable prices, as well as to ensuring economic growth broadly benefits the working class. Confirmation of these three extremely well-qualified nominees would also make this the most diverse Board of Governors in the 108-year history of the Federal Reserve.”
William Samuel, Director of Government Affairs, AFL-CIO
“All of the nominees are well-positioned to lead the Fed in the coming phase of the economic recovery and create a stronger, more inclusive labor market. We encourage the Senate to take swift action and confirm these nominees.”
“Sarah Bloom Raskin is a lifelong public servant with an exceptional track record as a champion for consumer protection, prudent regulation, and financial risk mitigation…Her leadership in identifying and mitigating current, as well as future risks, to the economy and financial system demonstrates her unparalleled aptitude and suitability for the role to which she has been nominated."
State and Local Treasurers and Comptrollers
“From roles in the private sector and as a state and federal regulator, Ms. Raskin has applied sound decision making and public policy to support economic development while protecting consumers, including leading community banks in Maryland through the worst financial crisis that most of us have ever faced in our lifetimes.”
Anne Balcer, General Counsel, Forbright Bank
“Former Deputy Treasury Secretary Raskin has a demonstrated track record of approaching regulation through pragmatic solutions and collaboration. She is uniquely suited to fill the current vacancy and we are confident that she will serve with a thoughtful approach to addressing the current challenges faced by financial institutions in the United States.”
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