2/20/2024 0 Comments Manchin sarah bloom raskinWe are working to line up the bipartisan support that she deserves so that she can be confirmed by the Senate for this important position. "She has earned widespread support in the face of an unprecedented, baseless campaign led by oil and gas companies that sought to tarnish her distinguished career. Joe Manchin said on Monday he will oppose her nomination, likely dooming her chances. "She previously served on the board and she served as second-in-command at Treasury - both positions where she earned bipartisan Senate confirmation," the official said. Sarah Bloom Raskin, President Biden's nominee to be the Federal Reserve's vice chair for supervision speaks during her confirmation hearing at the Senate Banking Committee on Feb. Raskin was on the board of Reserve Trust in 2017 when the Kansas City Fed denied the company access to the central bank’s payments systems Reserve Trust gained access the following year.Īnother main point of contention is Raskin’s progressive leanings with regard to climate change.Ī spokesperson for the Banking Committee said its chairman, Sherrod Brown, D-Ohio, is working to advance her nomination with bipartisan support.Ī White House official called Raskin "one of the most qualified people to have ever been nominated" to the Federal Reserve Board. Republicans say she has given incomplete answers about whether she used her government contacts from her time in top posts at the Fed and the Treasury Department during the Obama administration to aid Reserve Trust, a private Colorado payments firm. Republicans on the committee, led by ranking member Pat Toomey of Pennsylvania, boycotted planned votes on the nominees last month, preventing them from being considered, because of Raskin’s nomination. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more.The Banking Committee has been gridlocked for weeks over the slate of five nominees, which includes the nomination of Jerome Powell for a second term as Fed chairman. Raskin should be confirmed.”īetter Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. That’s what’s at stake here and just one reason among many why Ms. If that happens, it will be the beginning of the end of the Fed as we know it. When one industry gets its political allies to kill a Fed nominee so that it can get special treatment, that’ll be the starting gun for others who will line up for similar special treatment. In addition, politicians dictating what financial risks regulators can and cannot consider is as unwise as it is dangerous, as proved when politicians in 2000 effectively prohibited the regulation of derivatives, which ignited and spread the 2008 financial crash. This is an indefensible politicization of the Fed and a direct threat to its independence. Joe Manchin, the conservative Democratic senator from West Virginia, on Monday announced he would not support the nomination of Sarah Bloom Raskin to the top regulatory role at the Federal Reserve. These baseless attacks are being used to kill her nomination so that the fossil fuel industry can get an unprecedented special interest carve out from the Federal Reserve’s mandate to address risks to the financial system, as detailed here. Democratic Senator Joe Manchin announced Monday morning he will oppose Sarah Bloom Raskin as a member of the Federal Reserve Board, putting her nomination on the path to defeat. “The fossil fuel industry and its allies have distorted and misrepresented her views. However, it is unclear what he “reviewed,” because Raskin is highly qualified, and her statements regarding climate align with Fed Chair Powell, former Fed Vice Chair for Supervision Quarles, Wall Street’s biggest banks, financial industry leaders and many others, as demonstrated here and here. Manchin claims to have “carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements” and, based on that review, announced his opposition to her nomination for Vice Chair for Supervision on the Federal Reserve’s Board. Manchin’s reported opposition to Sarah Bloom Raskin for Vice Chair for Supervision at the Federal Reserve: WASHINGTON, D.C.- Dennis Kelleher, President and CEO of Better Markets, issued the following statement regarding Sen.
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