BREAKING: Biden Fed nominee Sarah Bloom Raskin withdraws board candidacy
Biden tapped Raskin earlier this year to serve as the Fed's vice chair for supervision, a powerful role that oversees annual stress tests designed to review bank safety and liquidity. Her nomination was welcomed by progressive senators and advocacy groups, who hoped she would take a tougher stance against Wall Street than her predecessor, Randal Quarles, a Trump nominee who stepped down in late December.
"It was — and is — my considered view that the perils of climate change must be added to the list of serious risks that the Federal Reserve considers as it works to ensure the stability and resiliency of our economy and financial system," Raskin wrote in the letter to the president. Republicans united in opposition against Raskin because of her past remarks on climate regulations. They also expressed concern over her ties to a Colorado-based fintech company, Reserve Trust, that received a Federal Reserve master account while she served on its board.
The Kansas City Fed claims that its reversal in 2018 was not the result of Raskin’s call, but rather that of Reserve Trust's changed business model "and the Colorado Division of Banking reinterpreted the state’s law in a manner that meant RTC met the definition of a depository institution," the Fed bank said last month.
Chairman Sherrod Brown questions Treasury Secretary Janet Yellen and Federal Reserve Chairman Powell during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, U
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