Jamie Raskin's office wouldn't say, and the White House only confirmed that Reserve Trust gave her the shares as compensation for her work with the company.Ī Republican familiar with the materials Sarah Bloom Raskin disclosed to the Banking Committee, who spoke on condition of anonymity because that person wasn't authorized to discuss the matter publicly, said the Fed nominee told them she acquired the stocks when she joined the board in 2017.Įthics rules say that members of Congress have to report assets for themselves and their spouses every year if the assets are valued at more than $1,000. It's not clear when Sarah Bloom Raskin first acquired Reserve Trust shares. In 2018, while Sarah Bloom Raskin sat on the advisory board, the Fed granted Reserve Trust unusual access to its master account - an enviable get that allows the fintech company to move money for customers without relying on banks. Cynthia Lummis, a Republican of Wyoming, brought it up during Thursday's hearing. At least one conservative watchdog group is already questioning whether she used her past Fed connections to help the fintech trust, and Sen. The omission from congressional reports of the shares she held in Reserve Trust is likely to hand another round of ammunition to Republicans, who want to stall Biden's nominees. Yet she faces an uncertain confirmation path among Republicans and conservative Democrats in a narrowly divided Senate given that she has called for harsher financial regulations aimed at combating the climate crisis and supports tougher oversight on big banks. If confirmed, Sarah Bloom Raskin would become vice chairwoman of supervision at the Federal Reserve, after having held top-level jobs at the US Treasury and the Fed during the Obama administration. Account icon An icon in the shape of a person's head and shoulders.
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