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
After serving as the second-in-command at Treasury and with prior service on the Federal Reserve Board of Governors, Sarah Bloom Raskin knows better than anyone how important the Federal Reserve is to fighting inflation and continuing a sustainable economic recovery. She has unparalleled experience pursuing solutions to enhance our country’s critical financial infrastructure, with expertise in cybersecurity and climate risk, and protecting consumers in the financial marketplace.
Sarah’s nomination had broad support—from the banking and financial services community, former members of the Board of Governors, multiple Nobel Prize winners, consumer advocates, and respected economists from around the country. That experience and support are among the many reasons why I nominated Sarah to be the Vice Chair for Supervision, a critical role in regulating our nation’s financial institutions.
Despite her readiness—and despite having been confirmed by the Senate with broad, bipartisan support twice in the past—Sarah was subject to baseless attacks from industry and conservative interest groups. Unfortunately, Senate Republicans are more focused on amplifying these false claims and protecting special interests than taking important steps toward addressing inflation and lowering costs for the American people.
I am grateful for Sarah’s service to our country and for her willingness to serve again, and I look forward to her future contributions to our country.
I urge the Senate Banking Committee to move swiftly to confirm the four eminently qualified nominees for the Board of Governors—Jerome Powell, Lael Brainard, Philip Jefferson, and Lisa Cook—who are still waiting for an up-or-down vote. This group has the experience, judgment, and talent necessary to lead the Federal Reserve at this critical moment in our economic recovery, and the Senate should move their nominations forward.