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.

AccessTimeIconJan 14, 2022 at 4:48 a.m. UTC
Updated May 11, 2023 at 5:21 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Greg Ahlstrand

Greg Ahlstrand was previously CoinDesk's Asia News Editor. Greg has no significant crypto holdings.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.