But Toomey complained that she did not sufficiently respond to committee Republicans’ questions on the matter. ![]() Raskin denied that she had taken any inappropriate action. The Kansas City Fed said it had approved Reserve Trust’s second application because the company changed its business model. Raskin had contacted the Kansas City Fed in 2017 after the company’s application had been denied. Reserve Trust’s application was turned down in mid-2017.īut the company reapplied and won approval the next year from the Federal Reserve Bank of Kansas City. Raskin joined Reserve Trust in January 2017, after the firm had applied for a “master account” at the Fed, which would enable it to quickly transfer large sums of money without going through a bank. Pat Toomey from Pennsylvania, the senior Republican on the committee, also charged that Raskin inappropriately used her connections with the Fed to benefit a Colorado financial technology company, Reserve Trust. The president asserted in a statement that “Sarah was subject to baseless attacks from industry and conservative interest groups.” President Joe Biden, who nominated Raskin in January, said she had “unparalleled experience” in areas like cybersecurity, climate change, and consumer protection. Democrats, as well as many banking executives, countered that Raskin’s views aren’t out of the mainstream and said she simply wants the Fed to consider the risks that climate change poses to banks, insurance companies and other financial firms. Republicans have argued that Raskin would use the Fed’s regulatory authority to discourage banks from lending to oil and gas companies. Joe Manchin announced Monday that he opposed Raskin’s confirmation, and all Republicans in the evenly-split 50-50 Senate had indicated that they planned to block her nomination for the position of the Fed’s top banking regulator. ![]() WASHINGTON (AP) - Sarah Bloom Raskin withdrew her nomination Tuesday to a position on the Federal Reserve’s Board of Governors after a key Democrat had joined with all Senate Republicans to oppose her confirmation.
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