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Biden to Tap Sarah Bloom Raskin for Fed's Powerful Vice Chair for Supervision: Report

The U.S. president will also nominate Lisa Cook and Philip Jefferson as Federal Reserve governors, sources told CNBC.

Aggiornato 11 mag 2023, 5:21 p.m. Pubblicato 14 gen 2022, 4:48 a.m. Tradotto da IA

Sarah Bloom Raskin (Andrew Harrer/Bloomberg via Getty Images)

U.S. President Joe Biden will nominate Sarah Bloom Raskin as the U.S. Federal Reserve's vice chair for supervision, CNBC reported on Thursday, citing people familiar with the matter. The president will also tap Lisa Cook and Philip Jefferson as Fed governors, according the report.

Raskin was a governor at the central bank from 2010 to 2014 before serving as deputy secretary of the Treasury Department during the Obama administration. She is married to U.S. Rep. Jamie Raskin, D-Md.
Raskin's nomination faces a challenge from the Senate Banking Committee's ranking member, Pennsylvania Republican Sen. Pat Toomey. He criticized all three of Biden's potential picks.
“Sarah Bloom Raskin has specifically called for the Fed to pressure banks to choke off credit to traditional energy companies and to exclude those employers from any Fed emergency lending facilities,” he said in a statement Thursday evening cited by CNBC. “I have serious concerns that she would abuse the Fed’s narrow statutory mandates on monetary policy and banking supervision to have the central bank actively engaged in capital allocation.”
“I will closely examine whether Ms. Cook and Mr. Jefferson have the necessary experience, judgment, and policy views to serve as Fed Governors,” he added.
The nominations come at time of record inflation, as Biden tries to pass his multitrillion-dollar Build Back Better legislation even in the face of opposition from some Senate Democrats whose every yes vote he needs to get the law passed.
Cryptocurrency regulation is also of high concern to legislators who are trying to hash out bills as those in the industry lobby them heavily.

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Greg Ahlstrand

Originally from California, I've been Asia-based since 1999, headquartered in Hong Kong and Jakarta and traveling throughout the Asean countries, Japan, Korea, the Chinese mainland and Taiwan for stories. Made Australia a couple of times, too. I started my journalism career as a news assistant at the Fresno Bee in Central California while studying the subject in school after the Navy. I went from launching and recovering helicopters on flight decks at sea to recovering papers fresh off the printer in the Bee's basement and launching them onto the editors' desks, whose editors had long since gone home for the night. Eventually, they let me stop delivering the paper and start writing stuff in it. My first beat was night cops: liquor store robberies, gang shootings, fatal car crashes (almost always alcohol related). It was an education. I am, as implied above, a U.S. Navy veteran. I served in seagoing helicopter squadrons as an aviation anti-submarine warfare technician throughout the Asia Pacific region and the Indian Ocean. I have a significant number of sailor stories to tell. I have no significant crypto holdings. Among my hobbies are welding, building stuff, home remodelling, (or knocking a house down and starting from scratch if it's too far gone to fix), riding horses and rebuilding old tractors. So far I've done a Ford 8N and a Ford 9N. It's slow going, because I live in Hong Kong and the tractors are in California, so I only get to work on them once or twice a year, for a week or two at a time - and that was before covid. I love my Lab, Cooper, whom my neighbors asked me to adopt two years ago when they moved back to Shanghai from Hong Kong. Cooper and I actually planned the whole thing -- we've known each other almost his whole life -- but his first parents are unaware of the conspiracy; and they send him Christmas presents every year.