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Sarah Bloom Raskin at her nomination hearing in 2013 at the Senate Finance Committee

January 31, 2022

Fact Check Memo: Critics of Sarah Bloom Raskin for the Federal Reserve Board Distort Her Climate Statements Which Align with Chair Powell, Former Vice Chair Quarles, Wall St’s Banks & Others

FOR IMMEDIATE RELEASE
Monday, January 31, 2022
Contact: Evelyn Swan at 202-618-6433 or eswan@bettermarkets.org

WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, issued the following statement in connection with the release of a Fact Check Memo detailing critics’ distortion of Sarah Bloom Raskin’s statements regarding climate, which align with Chair Powell, former Vice Chair Quarles, Wall Street’s biggest banks, financial industry leaders and others:

“President Biden’s recent nominees for the Federal Reserve’s Board of Governors, Sarah Bloom Raskin, Lisa Cook and Philip Jefferson, are all incredibly well qualified professionals and merit Senate confirmation. However, ignoring their experience and qualifications, some critics have misleadingly cherry-picked and distorted their records, particularly Ms. Raskin’s views regarding climate. However, as detailed in the Fact Check Memo we are releasing today, Ms. Raskin’s actual statements and views on climate align with Fed Chair Powell, former Fed Vice Chair for Supervision Randy Quarles, the biggest banks on Wall Street, financial industry leaders, and others.

“It is especially disappointing and noteworthy that in addition to cherry-picking quotes and distorting her views, Senate Banking Committee Ranking Member Senator Toomey, in his January 25th letter to President Biden, actually made up an inflammatory position that he attributed to Ms. Raskin. In purported support for this charge, his letter cited a speech Ms. Raskin delivered, but nothing like that made-up position is in the speech or, for that matter, anywhere else because Ms. Raskin has never held that made-up position.

“While these ideological and, at times, apparently poll-driven political attacks may play well with some base voters, they have no place in what should be a fact-based confirmation process. The country faces enormous economic and financial challenges, and the Fed faces historic and unprecedented policy decisions. Those challenges and decisions will significantly impact every American family.  Those are the issues that should be the focus of the confirmation process.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.

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