A perfect partner for the Fed

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Sarah Bloom Raskin, nominee to be vice chairman for supervision and a member of the Federal Reserve Board of Governors, speaks during the Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Thursday, February 3, 2022.
Credit: Bill Clark / Pool via CNP

By Barbara Goldberg Goldman and Corrine Propas Parver
Special to WJW

Skilled, experienced and well-respected political leaders or figures are known for their good judgment. One would imagine with the turnabout from the dearth of qualified political appointments during the preceding four years of the 45th United States presidency, we now are welcoming and witnessing a refreshing abundance of stellar nominees proposed by President Joe Biden. In spite of this, outgoing Republican Sen. Patrick Toomey of Pennsylvania and his GOP lemmings have displayed a serious lapse of such wisdom.


Boycotting and delaying the confirmation of Sarah Bloom Raskin for Federal Reserve vice chair for supervision is an illustration of partisan undermining most unbecoming yet sadly prevalent in today’s Republican Party.

One of the many benefits of having a tested leader in the White House is the ability to select exceptionally skilled Cabinet secretaries and senior administration officials. Once again, Biden hit a home run recently with his nomination of Bloom Raskin. Widely respected for her deliberative, no-nonsense and well-reasoned approach to policy analyses and decision making, her outstanding credentials and experiences become quickly obvious to any critical nonpartisan observer.

https://www.washingtonjewishweek.com/enewsletter/

Witness Bloom Raskin’s professional expertise and education, all perfect for today’s challenges faced by the Fed. Most recently in government as deputy secretary of the United States Treasury, she oversaw the department’s various agencies and was known for her tireless pursuit of innovative solutions to enhance America’s shared prosperity. Indeed, during her tenure at Treasury, she helped work to put out the financial fires, reignite economic growth and laid the foundation for long-term economic prosperity as mentioned in the department’s own strategic plan.

As governor of the Federal Reserve Board, she helped conduct the nation’s monetary policy and promote financial stability. We Marylanders are especially proud of the fact that Bloom Raskin served as Maryland’s commissioner of financial regulation and is a member of our Jewish community. Bloom Raskin has earned respect well beyond our own borders.


Currently, she is the Colin W. Brown Distinguished Professor of the Practice of Law at the Duke Law School where she teaches Business Law and Financial Markets. A Harvard Law School graduate, she was Magna Cum Laude and Phi Beta Kappa at Amherst College, where she majored in economics.

Her own resume highlights that within the United States and throughout the international community, Bloom Raskin was a champion of cybersecurity in the financial sector, helping to elevate this critical issue to C-suites and boardrooms. Her efforts, including leading the development of the “G-7 Fundamental Elements of Cybersecurity for the Financial Sector,” contributed to a more secure and resilient financial sector in the face of increasingly frequent and sophisticated threats. She is a leading voice in understanding climate change as it pertains to the financial sector.

Bloom Raskin fully grasps and understands that the job of vice chair for supervision is to guard against all significant risks to financial institutions. She is skilled and savvy enough not to ignore those risks for political reasons. It is absurd even to suggest that there are no significant climate-related risks to financial stability. Certainly, special favors and bailouts are not in her vocabulary as testified by her past performances in all her prior positions. Furthermore, Bloom Raskin knows all too well about bank regulators attempting to force banks to lend despite of the many risks involved. Those involved in her confirmation should not underestimate her imperviousness and strength of conviction in preventing such influence.

So, why the controversy and concern for this most excellent candidate? Could it possibly be the influence of dark money forces frightened by Bloom Raskin’s support for a cleaner earth and ensuring a healthier environment for our children and generations to come? Could it be that Toomey and his GOP cohorts want to exhibit last-ditch efforts to appease their “dear leader”?

Most definitely, there should be no room for controversy or an Olympic Gold Medal critique. Undoubtedly, there is not a sufficient excuse for ignoring the multitude of benefits the United States would gain with Bloom Raskin at the Fed. Here, the strawman’s argument is hardly a bale full of hay.

We urge and look forward to the prompt consideration and Senate confirmation of her nomination.

Barbara Goldberg Goldman is founder and co-chair of Maryland Women For Biden-Harris

and founder and vice chair of Jewish Democratic Council of America.

Corrine Propas Parver is a member of the executive committee of Women Lawyers for Biden-Harris and former practitioner-in-residence at the American University

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