Jump to content

Sarah Bloom Raskin: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
m replaced: Board of Directors → board of directors, Distinguished Visiting Professor → distinguished visiting professor, Deputy Secretary → deputy secretary (2), Commissioner → commissioner, Member → member, Senator → senator, March 12, 2
copyedits and structuring
Line 32: Line 32:
After graduating from high school, she went on to [[Amherst College]] where she graduated ''[[magna cum laude]]'' and [[Phi Beta Kappa]] with a [[Bachelor of Arts]] in [[economics]] in 1983, and wrote her undergraduate thesis on [[monetary policy]]. She received her [[Juris Doctor]] from [[Harvard Law School]] in 1986. Raskin was honored with an honorary Doctorate of Humane Letters by [[Muhlenberg College]] on May 19, 2019.<ref>{{cite web|url=https://m.muhlenberg.edu/visitors/social/detail?feed=facebook&id=138308188259_10157062495633260 |title=Post |publisher=M.muhlenberg.edu |date= |accessdate=2020-05-29}}</ref>
After graduating from high school, she went on to [[Amherst College]] where she graduated ''[[magna cum laude]]'' and [[Phi Beta Kappa]] with a [[Bachelor of Arts]] in [[economics]] in 1983, and wrote her undergraduate thesis on [[monetary policy]]. She received her [[Juris Doctor]] from [[Harvard Law School]] in 1986. Raskin was honored with an honorary Doctorate of Humane Letters by [[Muhlenberg College]] on May 19, 2019.<ref>{{cite web|url=https://m.muhlenberg.edu/visitors/social/detail?feed=facebook&id=138308188259_10157062495633260 |title=Post |publisher=M.muhlenberg.edu |date= |accessdate=2020-05-29}}</ref>


==Career==
⚫
==Government career==

⚫
=== Government service ===
Raskin worked as an associate at [[Arnold & Porter]] and as counsel for the [[Senate Banking Committee]].<ref>{{cite news |url=https://www.nytimes.com/2010/03/13/business/economy/13fed.html|title=Top Choices Are Floated to Fill Seats on Fed Board|first=Sewell|last=Chan|date=12 March 2010|accessdate=10 December 2018 |via=NYTimes.com}}</ref> Prior to serving as commissioner, she was a managing director at the [[Promontory Financial Group]]. Raskin also served as chief financial regulator for [[Maryland]].<ref name=No2/>
Raskin worked as an associate at [[Arnold & Porter]] and as counsel for the [[Senate Banking Committee]].<ref>{{cite news |url=https://www.nytimes.com/2010/03/13/business/economy/13fed.html|title=Top Choices Are Floated to Fill Seats on Fed Board|first=Sewell|last=Chan|date=12 March 2010|accessdate=10 December 2018 |via=NYTimes.com}}</ref> Prior to serving as commissioner, she was a managing director at the [[Promontory Financial Group]]. Raskin also served as chief financial regulator for [[Maryland]].<ref name=No2/>


President [[Barack Obama]] nominated Raskin to the [[Federal Reserve Board]] along with fellow nominees Dr. [[Janet Yellen]], president of the [[Federal Reserve Bank of San Francisco]], and [[Peter A. Diamond]], [[List of institute professors at the Massachusetts Institute of Technology|MIT institute professor]] of economics.<ref name="Reddy WSJ">{{Citation |first=Sudeep |last=Reddy |title=Obama Nominates Yellen, Raskin, Diamond to Fed Board |newspaper=[[Wall Street Journal]] |url=https://www.wsj.com/articles/SB10001424052748704302304575213850582215096 |date=April 29, 2010}}</ref> Raskin and Yellen were unanimously confirmed as Federal Reserve Board governors by the [[United States Senate]] on September 30, 2010.<ref>[http://www.kansascity.com/2010/09/29/2262487/in-brief-two-confirmed-to-fed.html Business news in brief Two confirmed to Fed board; BP updates safety practices; earnings reports] KansasCity.com, September 29, 2010 (October 9, 2010)</ref> On October 4, 2010, both were sworn in by [[Chairman of the Federal Reserve|Fed Chairman]] [[Ben Bernanke]].<ref>[http://www.federalreserve.gov/newsevents/press/other/20101004a.htm Fed Press Release] federalreserve.gov, October 4, 2010 (October 9, 2010)</ref> As a member of the Federal Reserve Board, Raskin gained a reputation as someone focused on [[consumer protection]] and [[income inequality]].<ref name=No2/>
President [[Barack Obama]] nominated Raskin to the [[Federal Reserve Board]] along with fellow nominees Dr. [[Janet Yellen]], president of the [[Federal Reserve Bank of San Francisco]], and [[Peter A. Diamond]], [[List of institute professors at the Massachusetts Institute of Technology|MIT institute professor]] of economics.<ref name="Reddy WSJ">{{Citation |first=Sudeep |last=Reddy |title=Obama Nominates Yellen, Raskin, Diamond to Fed Board |newspaper=[[Wall Street Journal]] |url=https://www.wsj.com/articles/SB10001424052748704302304575213850582215096 |date=April 29, 2010}}</ref> Raskin and Yellen were unanimously confirmed as Federal Reserve Board governors by the [[United States Senate]] on September 30, 2010.<ref>[http://www.kansascity.com/2010/09/29/2262487/in-brief-two-confirmed-to-fed.html Business news in brief Two confirmed to Fed board; BP updates safety practices; earnings reports] KansasCity.com, September 29, 2010 (October 9, 2010)</ref> On October 4, 2010, both were sworn in by [[Chairman of the Federal Reserve|Fed Chairman]] [[Ben Bernanke]].<ref>[http://www.federalreserve.gov/newsevents/press/other/20101004a.htm Fed Press Release] federalreserve.gov, October 4, 2010 (October 9, 2010)</ref> As a member of the Federal Reserve Board, Raskin gained a reputation as someone focused on [[consumer protection]] and [[income inequality]].<ref name=No2/>


On July 31, 2013, President Barack Obama announced that he would nominate Raskin to the second-in-command position of [[United States Deputy Secretary of the Treasury|Deputy Secretary]] at the [[United States Department of the Treasury]].<ref>[https://web.archive.org/web/20131216154423/http://articles.washingtonpost.com/2013-07-31/business/40918085_1_consumer-issues-economic-growth-central-bank Ylan Q. Mui, ''Wash. Post'', Fed’s Raskin is chosen for deputy Treasury secretary], July 31, 2013.</ref> She was confirmed to the position on March 12, 2014, by a [[voice vote]].<ref>{{cite web|title=United States Senate Periodical Press Gallery|url=http://www.periodicalpress.senate.gov/|publisher=United States Senate|accessdate=12 March 2014}}</ref> Upon confirmation, Raskin became the highest-ranked woman in the history of the Treasury Department at that time.<ref name=No2>{{cite news|last=Mui|first=Ylan |title=Senate confirms Fed governor for No. 2 post at Treasury |url=https://www.washingtonpost.com/blogs/wonkblog/wp/2014/03/12/senate-confirms-fed-governor-for-no-2-post-at-treasury/|accessdate=12 March 2014|newspaper=Washington Post|date=12 March 2014}}</ref> Raskin was sworn in on March 19, 2014.<ref name=SwearingIn>{{cite web|title=Sarah Bloom Raskin Sworn in as Deputy Secretary|url=http://www.treasury.gov/press-center/news/Pages/Sarah-Bloom-Raskin-Sworn-in-as-Deputy-Secretary.aspx|work=Press Center|publisher=United States Department of the Treasury|accessdate=22 March 2014}}</ref> Upon her confirmation as deputy secretary, she resigned as a member of the [[Board of Governors of the Federal Reserve System]] on March 13, 2014.<ref name=LeavingPost>{{cite web|title=Membership of the Board of Governors of the Federal Reserve System, 1914–Present |url=http://www.federalreserve.gov/aboutthefed/bios/board/boardmembership.htm|work=Appointive Members|publisher=Board of Governors of the Federal Reserve System|accessdate=22 March 2014}}</ref> Raskin was the first woman to be confirmed to serve as deputy secretary. While serving her term, Raskin had a special focus on the macroeconomic impact of student loan borrowing and cyber security.
On July 31, 2013, President Barack Obama announced that he would nominate Raskin to the second-in-command position of [[United States Deputy Secretary of the Treasury|deputy secretary]] at the [[United States Department of the Treasury]].<ref>[https://web.archive.org/web/20131216154423/http://articles.washingtonpost.com/2013-07-31/business/40918085_1_consumer-issues-economic-growth-central-bank Ylan Q. Mui, ''Wash. Post'', Fed’s Raskin is chosen for deputy Treasury secretary], July 31, 2013.</ref> She was confirmed to the position on March 12, 2014, by a [[voice vote]].<ref>{{cite web|title=United States Senate Periodical Press Gallery|url=http://www.periodicalpress.senate.gov/|publisher=United States Senate|accessdate=12 March 2014}}</ref> Upon confirmation, Raskin became the highest-ranked woman in the history of the Treasury Department at that time.<ref name=No2>{{cite news|last=Mui|first=Ylan |title=Senate confirms Fed governor for No. 2 post at Treasury |url=https://www.washingtonpost.com/blogs/wonkblog/wp/2014/03/12/senate-confirms-fed-governor-for-no-2-post-at-treasury/|accessdate=12 March 2014|newspaper=Washington Post|date=12 March 2014}}</ref> Raskin was sworn in on March 19, 2014.<ref name=SwearingIn>{{cite web|title=Sarah Bloom Raskin Sworn in as Deputy Secretary|url=http://www.treasury.gov/press-center/news/Pages/Sarah-Bloom-Raskin-Sworn-in-as-Deputy-Secretary.aspx|work=Press Center|publisher=United States Department of the Treasury|accessdate=22 March 2014}}</ref> Upon her confirmation as deputy secretary, she resigned as a member of the [[Board of Governors of the Federal Reserve System]] on March 13, 2014.<ref name=LeavingPost>{{cite web|title=Membership of the Board of Governors of the Federal Reserve System, 1914–Present |url=http://www.federalreserve.gov/aboutthefed/bios/board/boardmembership.htm|work=Appointive Members|publisher=Board of Governors of the Federal Reserve System|accessdate=22 March 2014}}</ref> Raskin was the first woman to be confirmed to serve as deputy secretary. While serving her term, Raskin had a special focus on the macroeconomic impact of student loan borrowing and cyber security.


== Post-government career ==
=== Post-government career ===
During the 2017–18 academic year, Raskin was a distinguished visiting professor at the [[University of Maryland Francis King Carey School of Law]].
During the 2017–2018 academic year, Raskin was a distinguished visiting professor at the [[University of Maryland Francis King Carey School of Law]].
During the 2018–19 and 2019–20 academic years, Raskin was a Rubenstein Fellow at [[Duke University]]. As a Rubenstein Fellow, she worked closely with the Rethinking Regulation program at Duke's Kenan Institute for Ethics and with the Global Financial Markets Center at Duke Law School to improve the public's understanding of markets and regulation. In particular, she led a research agenda that sought to shape a new relationship between regulation and resilience in financial markets. It also explored opportunities to harness cyber-data and turn it into a public asset rather than a liability.
During the 2018–2019 and 2019–2020 academic years, Raskin was a Rubenstein Fellow at [[Duke University]]. As a Rubenstein Fellow, she worked closely with the Rethinking Regulation program at Duke's Kenan Institute for Ethics and with the Global Financial Markets Center at Duke Law School to improve the public's understanding of markets and regulation. In particular, she led a research agenda that sought to shape a new relationship between regulation and resilience in financial markets. It also explored opportunities to harness cyber-data and turn it into a public asset rather than a liability.


In November 2020, Bloom Raskin was reported to be under consideration for [[United States Secretary of the Treasury|Secretary of the Treasury]] in the [[Biden Administration]].<ref>{{cite news |last=Spencer Sairam |first=Erin |title=Meet The Women Being Considered For Treasury Secretary |url=https://www.forbes.com/sites/erinspencer1/2020/11/16/meet-the-women-being-considered-for-treasury-secretary/ |access-date=17 November 2020 |work=Forbes |date=16 November 2020}}</ref> In 2021, she was mentioned as a potential candidate to lead the [[Office of the Comptroller of the Currency]] (OCC).<ref>{{Cite web|date=2021-03-25|title=Three new candidates emerge to head OCC|url=https://www.americanbanker.com/news/three-new-candidates-emerge-to-head-occ|access-date=2021-09-14|website=American Banker|language=en}}</ref>
In November 2020, Bloom Raskin was reported to be under consideration for [[United States Secretary of the Treasury|secretary of the treasury]] in the [[Biden Administration|Biden administration]].<ref>{{cite news |last=Spencer Sairam |first=Erin |title=Meet The Women Being Considered For Treasury Secretary |url=https://www.forbes.com/sites/erinspencer1/2020/11/16/meet-the-women-being-considered-for-treasury-secretary/ |access-date=17 November 2020 |work=Forbes |date=16 November 2020}}</ref> In 2021, she was mentioned as a potential candidate to lead the [[Office of the Comptroller of the Currency]] (OCC).<ref>{{Cite web|date=2021-03-25|title=Three new candidates emerge to head OCC|url=https://www.americanbanker.com/news/three-new-candidates-emerge-to-head-occ|access-date=2021-09-14|website=American Banker|language=en}}</ref>


== Second Federal reserve nomination ==
=== Second Federal reserve nomination ===
On January 14, 2022, Raskin was nominated by the Biden administration to serve as vice chairwoman for [[banking supervision]] at the [[Federal Reserve Board of Governors]].<ref>{{cite web |title=President Biden Nominates Sarah Bloom Raskin to Serve as Vice Chair for Supervision of the Federal Reserve, and Lisa Cook and Philip Jefferson to Serve as Governors |url=https://www.whitehouse.gov/briefing-room/statements-releases/2022/01/14/president-biden-nominates-sarah-bloom-raskin-to-serve-as-vice-chair-for-supervision-of-the-federal-reserve-and-lisa-cook-and-philip-jefferson-to-serve-as-governors/ |website=The White House |access-date=18 March 2022}}</ref> Hearings were held before the Senate Banking Committee on February 3, 2022.<ref>{{cite web |title=PN1677 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021-2022) |url=https://www.congress.gov/nomination/117th-congress/1677?q=%7B%22search%22%3A%5B%22raskin%22%2C%22raskin%22%5D%7D&s=3&r=2 |website=US Congress |access-date=18 March 2022}}</ref><ref>{{cite web |title=PN1678 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021-2022) |url=https://www.congress.gov/nomination/117th-congress/1678?q=%7B%22search%22%3A%5B%22raskin%22%2C%22raskin%22%5D%7D&s=3&r=1 |website=US Congress |access-date=18 March 2022}}</ref> Her nomination was opposed by [[Republican Party (United States)|Republican]] lawmakers, who boycotted a committee vote to advance her nomination to the entire Senate.<ref>[https://www.washingtonpost.com/us-policy/2022/03/15/sarah-bloom-raskin-fed-withdraw/ Sarah Bloom Raskin withdraws nomination to Fed board], ''[[Washington Post]]'', Rachel Siegel, Tyler Pager, Mike DeBonis and Seung Min Kim, March 15, 2022. Retrieved March 16, 2022.</ref> This was in opposition to her views on the use of monetary policy to encourage the [[Fossil fuel|fossil-fuel]] industry to address [[climate change]], as well as her work for the payments firm Reserve Trust. On March 14, Democratic senator [[Joe Manchin]] indicated that he wouldn't support Raskin's nomination, which was seen as "potentially dooming her chances for confirmation".<ref>{{Cite news |last1=Cochrane |first1=Emily |last2=Smialek |first2=Jeanna |date=2022-03-14 |title=Manchin won't support Raskin for the Fed, imperiling her nomination. |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/03/14/business/manchin-raskin-fed.html |access-date=2022-03-15 |issn=0362-4331}}</ref><ref>{{Cite news |last1=Ackermann |first1=Andrew |last2=Duehren |first2=Andrew |date=2022-03-14 |title=Sen. Joe Manchin Signals Opposition to Sarah Bloom Raskin for Fed Post |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/sen-joe-manchin-signals-opposition-to-sarah-bloom-raskin-for-fed-post-11647275446 |access-date=2022-03-15 |issn=0099-9660}}</ref><ref>{{Cite news |last=Reuters |date=2022-03-14 |title=Biden's Fed nominee Raskin imperiled by Democrat's opposition |language=en |work=Reuters |url=https://www.reuters.com/world/us/democrat-manchin-says-cannot-back-bloom-raskin-fed-statement-2022-03-14/ |access-date=2022-03-15}}</ref> On March 15, the Biden administration withdrew the nomination, at her request.<ref>{{Cite news |title=Sarah Bloom Raskin withdraws nomination to Fed board |language=en-US |newspaper=Washington Post |url=https://www.washingtonpost.com/us-policy/2022/03/15/sarah-bloom-raskin-fed-withdraw/ |access-date=2022-03-15 |issn=0190-8286}}</ref><ref>{{Cite news |last=Smialek |first=Jeanna |date=2022-03-15 |title=Biden Withdraws Nomination for Fed's Top Bank Cop |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/03/15/business/economy/raskin-fed-nominee-withdraws.html |access-date=2022-03-15 |issn=0362-4331}}</ref><ref>{{Cite news |last1=Ackerman |first1=Andrew |last2=Thomas |first2=Ken |date=2022-03-15 |title=Sarah Bloom Raskin Withdraws as Biden's Pick for Top Fed Banking Regulator |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/sarah-bloom-raskin-bidens-pick-for-top-fed-post-withdraws-11647372174 |access-date=2022-03-15 |issn=0099-9660}}</ref>
On January 14, 2022, Raskin was nominated by the Biden administration to serve as vice chairwoman for [[banking supervision]] at the [[Federal Reserve Board of Governors]].<ref>{{cite web |title=President Biden Nominates Sarah Bloom Raskin to Serve as Vice Chair for Supervision of the Federal Reserve, and Lisa Cook and Philip Jefferson to Serve as Governors |url=https://www.whitehouse.gov/briefing-room/statements-releases/2022/01/14/president-biden-nominates-sarah-bloom-raskin-to-serve-as-vice-chair-for-supervision-of-the-federal-reserve-and-lisa-cook-and-philip-jefferson-to-serve-as-governors/ |website=The White House |access-date=18 March 2022}}</ref> Hearings were held before the Senate Banking Committee on February 3, 2022.<ref>{{cite web |title=PN1677 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021-2022) |url=https://www.congress.gov/nomination/117th-congress/1677?q=%7B%22search%22%3A%5B%22raskin%22%2C%22raskin%22%5D%7D&s=3&r=2 |website=US Congress |access-date=18 March 2022}}</ref><ref>{{cite web |title=PN1678 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021-2022) |url=https://www.congress.gov/nomination/117th-congress/1678?q=%7B%22search%22%3A%5B%22raskin%22%2C%22raskin%22%5D%7D&s=3&r=1 |website=US Congress |access-date=18 March 2022}}</ref> Her nomination was opposed by [[Republican Party (United States)|Republican]] lawmakers, who boycotted a committee vote to advance her nomination to the entire Senate.<ref>[https://www.washingtonpost.com/us-policy/2022/03/15/sarah-bloom-raskin-fed-withdraw/ Sarah Bloom Raskin withdraws nomination to Fed board], ''[[Washington Post]]'', Rachel Siegel, Tyler Pager, Mike DeBonis and Seung Min Kim, March 15, 2022. Retrieved March 16, 2022.</ref> This was in opposition to her views on the use of monetary policy to encourage the [[Fossil fuel|fossil-fuel]] industry to address [[climate change]], as well as her work for the payments firm Reserve Trust. On March 14, Democratic senator [[Joe Manchin]] indicated that he wouldn't support Raskin's nomination, which was seen as "potentially dooming her chances for confirmation".<ref>{{Cite news |last1=Cochrane |first1=Emily |last2=Smialek |first2=Jeanna |date=2022-03-14 |title=Manchin won't support Raskin for the Fed, imperiling her nomination. |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/03/14/business/manchin-raskin-fed.html |access-date=2022-03-15 |issn=0362-4331}}</ref><ref>{{Cite news |last1=Ackermann |first1=Andrew |last2=Duehren |first2=Andrew |date=2022-03-14 |title=Sen. Joe Manchin Signals Opposition to Sarah Bloom Raskin for Fed Post |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/sen-joe-manchin-signals-opposition-to-sarah-bloom-raskin-for-fed-post-11647275446 |access-date=2022-03-15 |issn=0099-9660}}</ref><ref>{{Cite news |last=Reuters |date=2022-03-14 |title=Biden's Fed nominee Raskin imperiled by Democrat's opposition |language=en |work=Reuters |url=https://www.reuters.com/world/us/democrat-manchin-says-cannot-back-bloom-raskin-fed-statement-2022-03-14/ |access-date=2022-03-15}}</ref> On March 15, the Biden administration withdrew the nomination, at her request.<ref>{{Cite news |title=Sarah Bloom Raskin withdraws nomination to Fed board |language=en-US |newspaper=Washington Post |url=https://www.washingtonpost.com/us-policy/2022/03/15/sarah-bloom-raskin-fed-withdraw/ |access-date=2022-03-15 |issn=0190-8286}}</ref><ref>{{Cite news |last=Smialek |first=Jeanna |date=2022-03-15 |title=Biden Withdraws Nomination for Fed's Top Bank Cop |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/03/15/business/economy/raskin-fed-nominee-withdraws.html |access-date=2022-03-15 |issn=0362-4331}}</ref><ref>{{Cite news |last1=Ackerman |first1=Andrew |last2=Thomas |first2=Ken |date=2022-03-15 |title=Sarah Bloom Raskin Withdraws as Biden's Pick for Top Fed Banking Regulator |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/sarah-bloom-raskin-bidens-pick-for-top-fed-post-withdraws-11647372174 |access-date=2022-03-15 |issn=0099-9660}}</ref>


President Biden blamed Ms. Raskin's defeat on “baseless attacks from industry and conservative interest groups."<ref>{{Cite news|url=https://www.wsj.com/articles/the-message-of-sarah-bloom-raskins-defeat-federal-reserve-nomination-senate-11647382096?mod=opinion_lead_pos2|title = Opinion &#124; the Message of Sarah Raskin's Defeat|newspaper = Wall Street Journal|date = 15 March 2022}}</ref>
President Biden blamed Raskin's defeat on "baseless attacks from industry and conservative interest groups."<ref>{{Cite news|url=https://www.wsj.com/articles/the-message-of-sarah-bloom-raskins-defeat-federal-reserve-nomination-senate-11647382096?mod=opinion_lead_pos2|title = Opinion &#124; the Message of Sarah Raskin's Defeat|newspaper = Wall Street Journal|date = 15 March 2022}}</ref>


==Personal life==
==Personal life==

Revision as of 21:31, 2 May 2022

Sarah Bloom Raskin
13th United States Deputy Secretary of the Treasury
In office
March 19, 2014 – January 20, 2017
PresidentBarack Obama
Preceded byMary J. Miller (acting)
Succeeded byJustin Muzinich
Member of the Federal Reserve Board of Governors
In office
October 4, 2010 – March 13, 2014
PresidentBarack Obama
Preceded byDonald Kohn
Succeeded byChristopher Waller
Personal details
Born
Sarah Bloom

(1961-04-15) April 15, 1961 (age 63)
Medford, Massachusetts, U.S.
Political partyDemocratic
SpouseJamie Raskin
Children3
EducationAmherst College (BA)
Harvard University (JD)

Sarah Bloom Raskin (born April 15, 1961) is an American attorney and regulator, who served as the 13th United States deputy secretary of the treasury from 2014 to 2017 and as a member of the Board of Governors of the Federal Reserve System from 2010 to 2014. A member of the Democratic Party, Bloom Raskin previously served as Maryland Commissioner of Financial Regulation and as a managing director at the Promontory Financial Group.[1] She is a Rubenstein Fellow at Duke University. In May 2017, she was elected to the board of directors for Reserve Trust Company, a FinTech company based in Colorado.[2] In January 2022, President Joe Biden nominated her to succeed Randal Quarles as vice chair for supervision of the Federal Reserve.[3] On March 15, 2022, she withdrew her nomination due to opposition from Republican senators and Democratic senator Joe Manchin.[4]

Early life and education

Sarah Bloom was born to a Jewish family in Medford, Massachusetts, the daughter of Arlene (née Perlis) and Herbert Bloom.[5][6][7] Bloom attended Homewood-Flossmoor High School in Flossmoor, Illinois, where she graduated in 1979.[8]

After graduating from high school, she went on to Amherst College where she graduated magna cum laude and Phi Beta Kappa with a Bachelor of Arts in economics in 1983, and wrote her undergraduate thesis on monetary policy. She received her Juris Doctor from Harvard Law School in 1986. Raskin was honored with an honorary Doctorate of Humane Letters by Muhlenberg College on May 19, 2019.[9]

Career

Government service

Raskin worked as an associate at Arnold & Porter and as counsel for the Senate Banking Committee.[10] Prior to serving as commissioner, she was a managing director at the Promontory Financial Group. Raskin also served as chief financial regulator for Maryland.[11]

President Barack Obama nominated Raskin to the Federal Reserve Board along with fellow nominees Dr. Janet Yellen, president of the Federal Reserve Bank of San Francisco, and Peter A. Diamond, MIT institute professor of economics.[8] Raskin and Yellen were unanimously confirmed as Federal Reserve Board governors by the United States Senate on September 30, 2010.[12] On October 4, 2010, both were sworn in by Fed Chairman Ben Bernanke.[13] As a member of the Federal Reserve Board, Raskin gained a reputation as someone focused on consumer protection and income inequality.[11]

On July 31, 2013, President Barack Obama announced that he would nominate Raskin to the second-in-command position of deputy secretary at the United States Department of the Treasury.[14] She was confirmed to the position on March 12, 2014, by a voice vote.[15] Upon confirmation, Raskin became the highest-ranked woman in the history of the Treasury Department at that time.[11] Raskin was sworn in on March 19, 2014.[16] Upon her confirmation as deputy secretary, she resigned as a member of the Board of Governors of the Federal Reserve System on March 13, 2014.[17] Raskin was the first woman to be confirmed to serve as deputy secretary. While serving her term, Raskin had a special focus on the macroeconomic impact of student loan borrowing and cyber security.

Post-government career

During the 2017–2018 academic year, Raskin was a distinguished visiting professor at the University of Maryland Francis King Carey School of Law. During the 2018–2019 and 2019–2020 academic years, Raskin was a Rubenstein Fellow at Duke University. As a Rubenstein Fellow, she worked closely with the Rethinking Regulation program at Duke's Kenan Institute for Ethics and with the Global Financial Markets Center at Duke Law School to improve the public's understanding of markets and regulation. In particular, she led a research agenda that sought to shape a new relationship between regulation and resilience in financial markets. It also explored opportunities to harness cyber-data and turn it into a public asset rather than a liability.

In November 2020, Bloom Raskin was reported to be under consideration for secretary of the treasury in the Biden administration.[18] In 2021, she was mentioned as a potential candidate to lead the Office of the Comptroller of the Currency (OCC).[19]

Second Federal reserve nomination

On January 14, 2022, Raskin was nominated by the Biden administration to serve as vice chairwoman for banking supervision at the Federal Reserve Board of Governors.[20] Hearings were held before the Senate Banking Committee on February 3, 2022.[21][22] Her nomination was opposed by Republican lawmakers, who boycotted a committee vote to advance her nomination to the entire Senate.[23] This was in opposition to her views on the use of monetary policy to encourage the fossil-fuel industry to address climate change, as well as her work for the payments firm Reserve Trust. On March 14, Democratic senator Joe Manchin indicated that he wouldn't support Raskin's nomination, which was seen as "potentially dooming her chances for confirmation".[24][25][26] On March 15, the Biden administration withdrew the nomination, at her request.[27][28][29]

President Biden blamed Raskin's defeat on "baseless attacks from industry and conservative interest groups."[30]

Personal life

Raskin is married to Jamie Raskin, a member of the U.S. House of Representatives from Maryland's 8th congressional district,[31] and as of 2006 lived in Takoma Park, Maryland.[32]

Raskin and her husband have two adult daughters, Hannah and Tabitha. On December 31, 2020, Raskin's office announced that their son Thomas (Tommy), a graduate of Amherst College and a second-year student at Harvard Law School, died at the age of 25.[33] On January 4, 2021, Raskin and her husband posted a tribute online which stated that Thomas had died by suicide after a prolonged battle with depression.[34][35][36]

Notes

References

  1. ^ "Sarah Bloom Raskin". The Washington Post. Retrieved 2020-05-29.
  2. ^ "Sarah Bloom Raskin's Revolving Door". Wall Street Journal. 9 February 2022. Retrieved 2022-02-17.
  3. ^ Franck, Thomas (2022-01-14). "Biden to nominate Sarah Bloom Raskin as vice chair for supervision at Fed; Lisa Cook and Philip Jefferson as governors". CNBC. Retrieved 2022-01-14.
  4. ^ "Statement from President Biden on the Withdrawal of Sarah Bloom Raskin's Nomination to Serve as Vice Chair for Supervision of the Federal Reserve Board of Governors". The White House. Retrieved 18 March 2022.
  5. ^ Marquis Who's Who (1 December 1996). Who's Who of American Women, 1997–1998. Marquis Who's Who. ISBN 9780837904221. Retrieved 10 December 2018 – via Google Books.
  6. ^ "Jewish Insider's Daily Kickoff: April 13, 2018". Haaretz. April 13, 2018.
  7. ^ "Herbert Bloom, 87". Westport Now. March 26, 2018. Retrieved April 13, 2019.
  8. ^ a b Reddy, Sudeep (April 29, 2010), "Obama Nominates Yellen, Raskin, Diamond to Fed Board", Wall Street Journal
  9. ^ "Post". M.muhlenberg.edu. Retrieved 2020-05-29.
  10. ^ Chan, Sewell (12 March 2010). "Top Choices Are Floated to Fill Seats on Fed Board". Retrieved 10 December 2018 – via NYTimes.com.
  11. ^ a b c Mui, Ylan (12 March 2014). "Senate confirms Fed governor for No. 2 post at Treasury". Washington Post. Retrieved 12 March 2014.
  12. ^ Business news in brief Two confirmed to Fed board; BP updates safety practices; earnings reports KansasCity.com, September 29, 2010 (October 9, 2010)
  13. ^ Fed Press Release federalreserve.gov, October 4, 2010 (October 9, 2010)
  14. ^ Ylan Q. Mui, Wash. Post, Fed’s Raskin is chosen for deputy Treasury secretary, July 31, 2013.
  15. ^ "United States Senate Periodical Press Gallery". United States Senate. Retrieved 12 March 2014.
  16. ^ "Sarah Bloom Raskin Sworn in as Deputy Secretary". Press Center. United States Department of the Treasury. Retrieved 22 March 2014.
  17. ^ "Membership of the Board of Governors of the Federal Reserve System, 1914–Present". Appointive Members. Board of Governors of the Federal Reserve System. Retrieved 22 March 2014.
  18. ^ Spencer Sairam, Erin (16 November 2020). "Meet The Women Being Considered For Treasury Secretary". Forbes. Retrieved 17 November 2020.
  19. ^ "Three new candidates emerge to head OCC". American Banker. 2021-03-25. Retrieved 2021-09-14.
  20. ^ "President Biden Nominates Sarah Bloom Raskin to Serve as Vice Chair for Supervision of the Federal Reserve, and Lisa Cook and Philip Jefferson to Serve as Governors". The White House. Retrieved 18 March 2022.
  21. ^ "PN1677 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021-2022)". US Congress. Retrieved 18 March 2022.
  22. ^ "PN1678 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021-2022)". US Congress. Retrieved 18 March 2022.
  23. ^ Sarah Bloom Raskin withdraws nomination to Fed board, Washington Post, Rachel Siegel, Tyler Pager, Mike DeBonis and Seung Min Kim, March 15, 2022. Retrieved March 16, 2022.
  24. ^ Cochrane, Emily; Smialek, Jeanna (2022-03-14). "Manchin won't support Raskin for the Fed, imperiling her nomination". The New York Times. ISSN 0362-4331. Retrieved 2022-03-15.
  25. ^ Ackermann, Andrew; Duehren, Andrew (2022-03-14). "Sen. Joe Manchin Signals Opposition to Sarah Bloom Raskin for Fed Post". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-03-15.
  26. ^ Reuters (2022-03-14). "Biden's Fed nominee Raskin imperiled by Democrat's opposition". Reuters. Retrieved 2022-03-15. {{cite news}}: |last= has generic name (help)
  27. ^ "Sarah Bloom Raskin withdraws nomination to Fed board". Washington Post. ISSN 0190-8286. Retrieved 2022-03-15.
  28. ^ Smialek, Jeanna (2022-03-15). "Biden Withdraws Nomination for Fed's Top Bank Cop". The New York Times. ISSN 0362-4331. Retrieved 2022-03-15.
  29. ^ Ackerman, Andrew; Thomas, Ken (2022-03-15). "Sarah Bloom Raskin Withdraws as Biden's Pick for Top Fed Banking Regulator". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-03-15.
  30. ^ "Opinion | the Message of Sarah Raskin's Defeat". Wall Street Journal. 15 March 2022.
  31. ^ "Congressman-elect Jamie Raskin resigns Maryland Senate seat". The Washington Post. 2016-11-11. Retrieved 2018-12-10.
  32. ^ Friends of Jamin Raskin (2006). "Biography". Jamie Raskin for State Senate campaign web site. Archived from the original on August 27, 2006. Retrieved May 4, 2006.
  33. ^ Flynn, Meagan (December 31, 2020). "Rep. Jamie Raskin announces the death of his 25-year-old son". Washington Post. Retrieved January 2, 2021.
  34. ^ Lapin, Tamar (2021-01-05). "Rep. Jamie Raskin, wife say son lost battle with depression in heart-wrenching tribute". New York Post. Retrieved 2021-01-07.
  35. ^ Raskin, Rep Jamie (2021-01-04). "Statement of Congressman Jamie Raskin and Sarah Bloom Raskin on the Remarkable Life of Tommy Raskin". Medium. Retrieved 2021-01-07.
  36. ^ Harvard Remembers Tommy Raskin an 'Extraordinary Young Person' with a 'Perfect Heart' and 'Dazzling Radiant Mind' , Harvard Crimson, Emmy M. Cho, Alexandra Topic, January 18, 2021. Retrieved Marach 16, 2022.

External links

Government offices
Preceded by Member of the Federal Reserve Board of Governors
2010–2014 		Succeeded by
Political offices
Preceded by United States Deputy Secretary of the Treasury
2014–2017 		Succeeded by
Retrieved from "https://en.wikipedia.org/w/index.php?title=Sarah_Bloom_Raskin&oldid=1085863636"