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March 14, 2022

Sen. Manchin is Wrong About Sarah Bloom Raskin, Who Should Be Confirmed for Vice Chair for Supervision at the Federal Reserve

WASHINGTON, D.C.— Dennis Kelleher, President and CEO of Better Markets, issued the following statement regarding Sen. Manchin’s reported opposition to Sarah Bloom Raskin for Vice Chair for Supervision at the Federal Reserve:

“Sen. Manchin claims to have “carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements” and, based on that review, announced his opposition to her nomination for Vice Chair for Supervision on the Federal Reserve’s Board.  However, it is unclear what he “reviewed,” because Raskin is highly qualified, and her statements regarding climate align with Fed Chair Powell, former Fed Vice Chair for Supervision Quarles, Wall Street’s biggest banks, financial industry leaders and many others, as demonstrated here and here.

“The fossil fuel industry and its allies have distorted and misrepresented her views.  These baseless attacks are being used to kill her nomination so that the fossil fuel industry can get an unprecedented special interest carve out from the Federal Reserve’s mandate to address risks to the financial system, as detailed here.  This is an indefensible politicization of the Fed and a direct threat to its independence.  In addition, politicians dictating what financial risks regulators can and cannot consider is as unwise as it is dangerous, as proved when politicians in 2000 effectively prohibited the regulation of derivatives, which ignited and spread the 2008 financial crash.

“It won’t stop here.  When one industry gets its political allies to kill a Fed nominee so that it can get special treatment, that’ll be the starting gun for others who will line up for similar special treatment.  If that happens, it will be the beginning of the end of the Fed as we know it.  That’s what’s at stake here and just one reason among many why Ms. Raskin should be confirmed.”

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Better Markets is a non-profit, non-partisan, and independent organization founded 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.

Contact: Evelyn Swan at 202-618-6433 or eswan@bettermarkets.org

 

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