Poltico, January 31, 2o22, The surprising split over Biden’s Fed nominees
President Joe Biden’s pick to be the Federal Reserve’s top Wall Street cop is dividing Big Banks and Big Oil.
Sarah Bloom Raskin, who served as a Fed governor and as deputy Treasury secretary during the Obama administration, is well-known to financial institutions and widely respected.
The Institute of International Bankers on Friday said Raskin’s experience “demonstrates her intellect, qualifications, and commitment to transparency and integrity.” (That followed earlier supportive statements from leaders of the Financial Services Forum and American Bankers Association.)
Forty-one oil and gas trade groups sent a joint letter to the Senate Banking Committee Friday urging them to reject Raskin’s nomination, calling her an activist and saying her “favored policies would wreak havoc with the economy.” (The American Petroleum Institute, one of the largest oil and gas trades, did not sign the letter and has declined to take a position on Raskin’s nomination, though CEO Mike Sommers has said he has “major concerns about the Fed going beyond its dual mandate” on climate-related supervision.)
The committee will meet Thursday to consider Raskin’s nomination, as well as the president’s two other Fed picks, economists Lisa Cook and Philip Jefferson.
