Scott, Senate Banking Republicans Highlight Continued Concerns of Raskin Nomination

WASHINGTON – Today, U.S. Senator Tim Scott (R-S.C.) joined Senator Thom Tillis (R-N.C.) and every Senate Banking Republican to send a letter to President Biden highlighting their continued concerns regarding the nomination process that has unfolded for Sarah Bloom Raskin, his selection for the vacant vice-chair of supervision position on the Board of Governors (Board) of the Federal Reserve System.

In addition to Senators Scott and Tillis, the letter was signed by Ranking Member Pat Toomey (R-Penn.) and Senators Richard Shelby (R-Ala.), Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), John Kennedy (R-La.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Jerry Moran (R-Kan.), Kevin Cramer (R-N.D.), and Steve Daines (R-Mont.).

“As you are aware, members of the United States Senate Committee on Banking, Housing, and Urban Affairs were compelled to deny a quorum for the markup scheduled for February 15, 2022, due to the simple fact that Ms. Raskin has continually failed to produce forthright answers to questions posed by committee members,” wrote the senators. “To be explicitly clear, our actions were aimed solely at Ms. Raskin, as we offered to advance the nomination process for all other nominees scheduled for the markup.” 

“Likewise, our actions to deny a quorum were not the result of Ms. Raskin’s radical public comments and beliefs about using federal financial supervisory powers to advance climate change policy,” the senators continued. “Rather, it was the continual evasion and lack of candor about her time on the board of Reserve Trust, a fintech trust company, where Ms. Raskin was a director from 2017 to 2019.”

“Through your administration’s ethics pledge, you rightly recognize the need to ensure “revolving door” influence peddlers are not nominated to senior government positions… We share the same goal of honesty and transparency in government, especially among those nominated to the highest positions of your administration. However, without greater insight into Ms. Raskin’s past activities, we cannot, in good faith, support the advancement of her nomination process. We appreciate your attention and response on this matter,” the senators concluded.

The full text of the letter is available HERE.