![]() Right now, he's serving in an acting capacity. In boycotting a vote on Raskin's nomination, Republicans had effectively bottled up four other Fed nominations as well, including Jerome Powell's nomination to a second term as Fed chairman. SUMMERS: Now, I know this fight has been getting a lot of attention in Washington, but there are also several other Fed nominations that have been stalled. In her letter to the president this afternoon, Raskin wrote that she wasn't concerned about attacks on her character, but she did worry about the effect this would have on, quote, "the willingness of competent and devoted people to serve in government." Raskin denied that, but it was one more cloud that opponents could use to stall and, ultimately, sink her nomination. At first, it was denied, but then later its application was granted, and Republican senators wanted to know if Raskin had improperly used her government contacts to win preferential treatment for the company. That company had applied for a Fed master account, which means access to the central bank's payment system. But after she left government, she worked on the board of a company called Reserve Trust in Colorado. ![]() Raskin had previously served on the Fed board and at the Treasury Department. SUMMERS: And as I understand, there had also been some questions about her work on behalf of a financial technology company located in Colorado. And when Democratic Senator Manchin of West Virginia came out against her on Monday, that was the end of the line. So for weeks, Republican senators had kept Raskin's nomination bottled up in committee by boycotting a vote. But the fossil fuel lobby wields a lot of power, especially right now when Americans are paying more than $4 a gallon for gasoline. Now, Raskin insisted during her confirmation hearing that it would be up to banks to decide who to lend money to. HORSLEY: In a statement this afternoon, President Biden said Raskin had been the target of, quote, "baseless attacks from industry and conservative interest groups." Raskin has been outspoken in arguing that financial regulators should pay more attention to the financial risks posed by climate change, which, by the way, is something the Fed is already doing.īut President Biden wanted to make Raskin the Fed's top bank regulator, and senators from energy-rich states worried that might discourage banks from lending money to fossil fuel companies.
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