![]() ![]() The Biden administration accused Lummis of engaging in “innuendo.” I have been very mindful of the rules,” Bloom Raskin responded. “Something doesn’t smell right with the way this has played out,” Lummis said. Bloom Raskin left the company in 2019 and in 2020 sold shares in Reserve Trust for $1.5 million. Lummis said that Reserve Trust is the only startup financial technology firm to receive such a designation, and that Bloom Raskin improperly contacted the Kansas City Federal Reserve in 2017 on Reserve Trust’s behalf. She charged that Bloom Raskin, after leaving her position as deputy Treasury secretary in 2017, joined the board of a financial technology startup, Reserve Trust, and helped it receive a “master account” at the Fed, a sought-after designation that allows financial firms to earn interest on reserves they keep at the central bank. Cynthia Lummis, a Republican from Wyoming, raised a new issue regarding Bloom Raskin’s nomination during the hearing. She was Maryland’s top bank regulator from 2007 to 2010, and has won plaudits from leading Maryland bankers for her collegial approach. The Chamber of Commerce, in a letter to the committee last week, urged the senators to simply “raise several important issues” during the hearing.īanking trade groups generally have not opposed Bloom Raskin’s nomination. Oil and gas trade associations have criticized Bloom Raskin’s nomination, though not all have explicitly opposed her. “It is rather obvious that climate change has to be part of the information that you gather.” “It’s critically important that the Fed gets all the information that they can when they’re dealing with risks to our financial system,” Tester said. Jon Tester, a Democrat from Montana, an oil and gas state, appeared sympathetic to Bloom Raskin’s views during the hearing. To be confirmed, Bloom Raskin would need the unanimous support of Democrats or win over some Republicans. Republican Senate Leader Mitch McConnell, from Kentucky, harshly criticized Bloom Raskin in a speech on the Senate floor Thursday, suggesting widespread GOP opposition to her nomination. Two years ago, in an opinion column in The New York Times, Bloom Raskin called oil and gas a “dying” industry and criticized the Fed’s willingness to support lending to fossil fuel companies as part of its emergency support for the economy during the pandemic recession.Īnd at a conference last year, Bloom Raskin suggested that financial regulators should support “a rapid, orderly and just transition away from high emission assets.”Įnvironmental groups argue that Bloom Raskin supports analyzing the potential threat that climate change poses to banks and insurance companies as part of the Fed’s mandate to ensure the “safety and soundness” of the financial system. Toomey focused on several of Bloom Raskin’s writings. “This is one of the most remarkable cases of confirmation conversion I have ever seen,” Toomey said, suggesting Bloom Raskin has switched her view to win the Senate’s support. Toomey and some other Republicans were unconvinced by Bloom Raskin’s comments and will vote against her nomination. Pat Toomey from Pennsylvania, the committee’s senior GOP member. Jefferson appeared to gather broad support from senators in both parties, while Cook received bipartisan praise but also harsh criticism from Sen. Cook is the first Black woman to be nominated to the Fed’s board, and Jefferson would be only the fourth Black man on the board if confirmed. ![]() If approved, they would vote on the Fed’s interest rate policies and on oversight of the financial system. The Senate panel is also considering the nominations of Lisa Cook and Philip Jefferson to the Fed’s board. Ohio town takes derailment questions state considers suing ![]()
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