OPINION: Four big reasons not to confirm Biden's Fed nominee Sarah Bloom Raskin
Sen. Bill Haggerty, R-Tenn., discusses Biden's Fed nominee Sarah Bloom Raskin, Biden's policies falling short of Americans' approval and the U.S. sending 3,000 troops to NATO countries.
In Raskin’s case, this entailed being invited on the board of Reserve Trust, a financial technology firm that had a big problem—it needed a Master Account from the Fed for its business model to work. No fintech company had ever gotten Fed approval for a Master Account and Reserve Trust had just had their first attempt rejected. Enter Raskin and a friendly phone call with the Kansas City Fed and, before you know it, Reserve Trust becomes the first fintech firm with a Master Account.
Sarah Bloom Raskin, nominated to be vice chairman for supervision and a member of the Federal Reserve Board of Governors, is sworn in before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, Febsold the shares she was granted for almost $1.5 million to Amias GeretyFor just a few board meetings and a phone call, $1.5 million’s not a bad haul.
This feeds into the second problem—trust. Raskin’s spouse, U.S. Rep. Raskin, was under obligation to report the family’s windfall within 45 days under a federal conflict-of-interest law known as the Stop Trading on Congressional Knowledge Act. Instead, the filings were made about 270 days later.
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