12/6/2023 0 Comments Sarah bloom raskin controversy![]() President Joe Biden has nominated Raskin to. A member of the Democratic Party, Bloom Raskin previously served as a member of the Federal Reserve Board of Governors from 2010 to 2014. Toomey said Raskin, who had previously been nominated by President Joe Biden to another Fed post, personally called George in 2017 about the firm’s application. Senate Republicans on Thursday peppered Fed nominee Sarah Bloom Raskin with questions over whether she would steer the institution into climate change. Sarah Bloom Raskin (born April 15, 1961) is an American attorney and regulator who served as the 13th United States Deputy Secretary of the Treasury from 2014 to 2017. However, that decision was at the center of a controversy around Sarah Bloom Raskin, a former Fed governor who sat on Reserve Trust’s board. The Kansas City Fed originally rejected Reserve Trust’s application for a master account in 2017, but later granted one in 2018, saying the firm had changed its business model. The dispute is another headache for Sarah Bloom Raskin, one of President Biden’s Fed nominees, and Democrats hoping to confirm her to be one of the world’s most powerful bank regulators. The Fed itself is undertaking a revamp of the application process, proposing in March a tiered review proposal that apply lighter scrutiny to federally insured institutions, and closer review for firms that are uninsured and not directly supervised by bank regulators. (Ken Cedeno/Bloomberg News) Sarah Bloom Raskin withdrew from consideration as the Federal Reserve’s banking cop on Tuesday, the White House confirmed, after. ![]() A spokesman for the Kansas City Fed declined to comment, and emails to contact information listed on Reserve Trust’s website went unanswered.īut Toomey said the development only adds more questions around the Fed’s process for approving master accounts, as some fintechs and crypto firms have begun to press for access to such services, which have typically been reserved for traditional banks. Sarah Bloom Raskin has specifically called for the Fed to pressure banks to choke off credit to traditional energy companies fossil fuels and to exclude those employers from any Fed emergency. Toomey did not specify in the letter how he learned the account had been revoked. ![]()
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