Department of the Treasury and as a Governor of the Federal Reserve Board. "Brainard is experienced in these issues, which means her influence will be felt widely at the Fed," Seiberg wrote. Sarah Bloom Raskin has served both as the Deputy Secretary of the U.S. Some Republicans have said they may not back Brainard, although Democrats are united in their support of her. Congressman Jamie Raskin and Sarah Bloom Raskin released a statement about Tommy Raskins passing on Medium on Monday afternoon The Congressman from Maryland announced the news of his death on New. Others said Fed Governor Lael Brainard, a Democrat who Biden has nominated for the central bank's vice chair role, could informally lead the regulation file. Saule Omarova, an academic and progressive favorite tapped by Biden to become comptroller of the currency, withdrew last year after failing to win over moderate Democrats.ĭespite these defeats, it was unclear if progressives and moderates could unite behind any of the candidates in the mix.Īnother option for the White House would be to leave the seat open and have other Fed governors act as the de facto regulation lead, the approach adopted by former President Barack Obama's administration.Ĭook and Jefferson could become members of the Fed's Committee on Supervision and Regulation and lead it on an interim basis, Boltansky said. Raskin is the second Biden banking regulatory pick to falter in the Senate. Powell is widely expected to be confirmed by the Senate, where he has bipartisan support. + nominee to be vice chairman for supervision and a member of the Federal Reserve Board of. Sherrod Brown, D-Ohio, fist bumps Sarah Bloom Raskin. The plan going forward is the same," wrote Jaret Seiberg, an analyst at Cowen Washington Research Group, although others cautioned it would delay that agenda.īiden also has nominated Fed Chair Jerome Powell to another four-year term as head of the central bank. WASHINGTON, DC - FEBRUARY 03: Chairman Sen. "This should not change the risk that the big banks face from Team Biden taking control of the Federal Reserve. Raskin's withdrawal should clear the way for two other Democrats, Lisa Cook and Philip Jefferson, to be voted through. Raskin's exit is a win for the oil and gas lobby, but it is unlikely to fundamentally alter the central bank's regulatory agenda with more Democrats poised to become Fed governors.
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