Sarah Bloom Raskin

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Sarah Bloom Raskin
Bloom raskin sarah.jpg
Occupation Governor
Employer U.S. Federal Reserve

Sarah Bloom Raskin is a member of the board of governors of the U.S. Federal Reserve.

On March 12, 2014, she was confirmed by the U.S. Senate to succeed Neal Wolin as deputy secretary of the U.S. Treasury. That post will make her the highest-ranking woman ever at the agency.[1] Raskin was nominated to the Treasury post by President Barack Obama in July 2013.

Her move to the Treasury from the Fed followed the departure of two top Fed officials, Chairman Ben Bernanke in January, 2014, and Elizabeth Duke in August, 2013.

Raskin was unanimously confirmed as a Federal Reserve governor by the United States Senate on September 30, 2010 and took office on October 4, 2010, to fill an unexpired term ending January 31, 2016. [2] At the Fed, she was heavily involved in writing rules to implement the Dodd-Frank Act. She has spoken infrequently on monetary policy in public.[3]

Background

Before her appointment to the Fed, she was the commissioner of financial regulation for the State of Maryland.[4]

Before that, she was a managing director at Promontory Financial Group. She also served as banking counsel for the U.S. Senate Committee on Banking, Housing and Urban Affairs.

Earlier in her career, she worked at the Federal Reserve Bank of New York and the Joint Economic Committee of the Congress. [5]

Raskin has argued that the large amounts of cash pumped into the markets by banks' proprietary trading arms is destabilizing because it makes the banks' risky trades appear less so, and could trigger sharp price drops in a down market. She disagrees with the orthodox view held by financiers that large amounts of liquidity always create a more efficient market. In a July 2012 speech she said, “Price discovery actually is impeded by this hyper-liquidity." [6]

She has been an outspoken critic of what she has called "sloppy and deceptive practices" by mortgage servicers and has called for more government action in the housing market.[7]

Education

Raskin received a B.A. in economics from Amherst College in 1983 and a J.D. from Harvard Law School.[8]


References

  1. Senate Confirms Bloom Raskin to No. 2 Treasury Post. The Wall Street Journal.
  2. Board Members. Federal Reserve.
  3. Senate Confirms Bloom Raskin to No. 2 Treasury Post. The Wall Street Journal.
  4. Sarah Bloom Raskin Profile. The Washington Post Politics.
  5. Candidate Details. Our Campaigns.
  6. Wall Street Critic Sarah Bloom Raskin Confirmed as Treasury No. 2. The Jewish Daily Forward.
  7. Fed's Sarah Bloom Raskin nominated for deputy Treasury secretary. L.A. Times.
  8. Board of Governors of the Federal Reserve System. Federal Reserve.