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Sarah Bloom Raskin

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Sarah Bloom Raskin
Official portrait, 2014
13th United States Deputy Secretary of the Treasury
In office
March 19, 2014 – January 20, 2017
PresidentBarack Obama
Preceded byMary J. Miller (acting)
Succeeded byJustin Muzinich
Member of the Federal Reserve Board of Governors
In office
October 4, 2010 – March 13, 2014
PresidentBarack Obama
Preceded byDonald Kohn
Succeeded byChristopher Waller
Personal details
Born
Sarah Bloom

(1961-04-15) April 15, 1961 (age 63)
Medford, Massachusetts, U.S.
Political partyDemocratic
SpouseJamie Raskin
Children3[note 1]
EducationAmherst College (BA)
Harvard University (JD)

Sarah Bloom Raskin (born April 15, 1961) is an American attorney and financial markets policymaker who served as the 13th United States Deputy Secretary of the Treasury from 2014 to 2017. Raskin previously served as a member of the Federal Reserve Board of Governors from 2010 to 2014. She also was Maryland Commissioner of Financial Regulation. She was a Rubenstein Fellow at Duke University. She is currently the Colin W. Brown Distinguished Professor of the Practice of Law at Duke Law School.[2] She is also a Senior Fellow at the Duke Center on Risk.[3] She also serves as a Partner at Kaya Partners, Ltd., a climate advisory firm.[4]

Early life and education

Sarah Bloom was born in Medford, Massachusetts, the daughter of Arlene (née Perlis) and Herbert Bloom.[5][6][7] Bloom attended Homewood-Flossmoor High School in Flossmoor, Illinois, where she graduated in 1979.[8]

After graduating from high school, she went on to Amherst College where she graduated magna cum laude and Phi Beta Kappa with a Bachelor of Arts in economics in 1983, and wrote her undergraduate thesis on monetary policy. She received her Juris Doctor from Harvard Law School in 1986. Raskin was honored with an honorary Doctorate of Humane Letters by Muhlenberg College on May 19, 2019.[9]

Career

Government service

Raskin worked as an associate at Arnold & Porter and as counsel for the Senate Banking Committee.[10] Prior to serving as commissioner, she was a managing director at the Promontory Financial Group. Raskin also served as chief financial regulator for Maryland.[11]

President Barack Obama nominated Raskin to the Federal Reserve Board along with fellow nominees Dr. Janet Yellen, president of the Federal Reserve Bank of San Francisco, and Peter A. Diamond, MIT institute professor of economics.[8] Raskin and Yellen were unanimously confirmed as Federal Reserve Board governors by the United States Senate on September 30, 2010.[12] On October 4, 2010, both were sworn in by Fed Chairman Ben Bernanke.[13] As a member of the Federal Reserve Board, Raskin gained a reputation as someone focused on consumer protection and income inequality.[11]

On July 31, 2013, President Barack Obama announced that he would nominate Raskin to the second-in-command position of deputy secretary at the United States Department of the Treasury.[14] She was confirmed to the position on March 12, 2014, by a voice vote.[15] Upon confirmation, Raskin became the highest-ranked woman in the history of the Treasury Department at that time.[11] Raskin was sworn in on March 19, 2014.[16] Upon her confirmation as deputy secretary, she resigned as a member of the Board of Governors of the Federal Reserve System on March 13, 2014. Raskin was the first woman to be confirmed to serve as deputy secretary. While serving her term, Raskin had a special focus on the macroeconomic impact of student loan borrowing and cyber security.[17]

Post-government career

During the 2017–2018 academic year, Raskin was a distinguished visiting professor at the University of Maryland Francis King Carey School of Law. During the 2018–2019 and 2019–2020 academic years, Raskin was a Rubenstein Fellow at Duke University. As a Rubenstein Fellow, she worked closely with the Rethinking Regulation program at Duke's Kenan Institute for Ethics and with the Global Financial Markets Center at Duke Law School to improve the public's understanding of markets and regulation. In particular, she led a research agenda that sought to shape a new relationship between regulation and resilience in financial markets. It also explored opportunities to harness cyber-data and turn it into a public asset rather than a liability.

In November 2020, Raskin was reported to be under consideration for secretary of the treasury in the Biden administration.[18] In 2021, she was mentioned as a potential candidate to lead the Office of the Comptroller of the Currency (OCC).[19]

Second Federal reserve nomination

On January 14, 2022, Raskin was nominated by the Biden administration to serve as vice chairwoman for banking supervision at the Federal Reserve Board of Governors.[20] Hearings were held before the Senate Banking Committee on February 3, 2022.[21][22] Her nomination was opposed by Republican lawmakers, who boycotted a committee vote to advance her nomination to the entire Senate.[23] On March 14, Democratic senator Joe Manchin indicated that he wouldn't support Raskin's nomination which was seen as "potentially dooming her chances for confirmation".[24][25][26] On March 15, at her request, the Biden administration withdrew the nomination.[27][28][29][30] In her letter to President Biden, Raskin stated that it was her "considered view that the perils of climate change must be added to the list of serious risks that the Federal Reserve considers as it works to ensure the stability and resiliency of our economy and financial system."[31]

President Biden blamed Raskin's defeat on "baseless attacks from industry and conservative interest groups."[32]

Personal life

Raskin is married to Jamie Raskin, a member of the U.S. House of Representatives from Maryland's 8th congressional district,[33] and as of 2006 lived in the town of Takoma Park, Maryland.[34]

Raskin and her husband have two adult daughters, Hannah and Tabitha. On December 31, 2020, Raskin's office announced that their son Thomas (Tommy), a graduate of Amherst College and a second-year student at Harvard Law School, died at the age of 25.[35] On January 4, 2021, Raskin and her husband posted a tribute online which stated that Thomas had died after a prolonged battle with depression.[36][37][38]

Notes

  1. ^ One child is deceased.[1]

References

  1. ^ "Harvard Remembers Tommy Raskin, an 'Extraordinary Young Person' with a 'Perfect Heart' And 'Dazzling Radiant Mind' | News | The Harvard Crimson". Thecrimson.com. Retrieved February 8, 2022.
  2. ^ "Sarah Bloom Raskin | Duke University School of Law". law.duke.edu. Retrieved August 13, 2023.
  3. ^ "Sarah Bloom Raskin | Duke University School of Law". law.duke.edu. Retrieved August 13, 2023.
  4. ^ "Kaya Partners - The Climate Policy Advisors". kayapartners.com. Retrieved August 13, 2023.
  5. ^ Marquis Who's Who (December 1, 1996). Who's Who of American Women, 1997–1998. Marquis Who's Who. ISBN 9780837904221. Retrieved December 10, 2018 – via Google Books.
  6. ^ "Jewish Insider's Daily Kickoff: April 13, 2018". Haaretz. April 13, 2018.
  7. ^ "Herbert Bloom, 87". Westport Now. March 26, 2018. Retrieved April 13, 2019.
  8. ^ a b Reddy, Sudeep (April 29, 2010), "Obama Nominates Yellen, Raskin, Diamond to Fed Board", Wall Street Journal
  9. ^ "Post". M.muhlenberg.edu. Retrieved May 29, 2020.
  10. ^ Chan, Sewell (March 12, 2010). "Top Choices Are Floated to Fill Seats on Fed Board". The New York Times. Retrieved December 10, 2018 – via NYTimes.com.
  11. ^ a b c Mui, Ylan (March 12, 2014). "Senate confirms Fed governor for No. 2 post at Treasury". Washington Post. Retrieved March 12, 2014.
  12. ^ Business news in brief Two confirmed to Fed board; BP updates safety practices; earnings reports KansasCity.com, September 29, 2010 (October 9, 2010)
  13. ^ Fed Press Release federalreserve.gov, October 4, 2010 (October 9, 2010)
  14. ^ Ylan Q. Mui, Wash. Post, Fed’s Raskin is chosen for deputy Treasury secretary, July 31, 2013.
  15. ^ "United States Senate Periodical Press Gallery". United States Senate. Retrieved March 12, 2014.
  16. ^ "Sarah Bloom Raskin Sworn in as Deputy Secretary". Press Center. United States Department of the Treasury. Retrieved March 22, 2014.
  17. ^ "Federal Reserve Board - Board of Governors Members, 1914-Present". Board of Governors of the Federal Reserve System. Retrieved December 22, 2022.
  18. ^ Spencer Sairam, Erin (November 16, 2020). "Meet The Women Being Considered For Treasury Secretary". Forbes. Retrieved November 17, 2020.
  19. ^ "Three new candidates emerge to head OCC". American Banker. March 25, 2021. Retrieved September 14, 2021.
  20. ^ "President Biden Nominates Sarah Bloom Raskin to Serve as Vice Chair for Supervision of the Federal Reserve, and Lisa Cook and Philip Jefferson to Serve as Governors". The White House. January 14, 2022. Retrieved March 18, 2022.
  21. ^ "PN1677 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021-2022)". US Congress. Retrieved March 18, 2022.
  22. ^ "PN1678 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021-2022)". US Congress. Retrieved March 18, 2022.
  23. ^ Sarah Bloom Raskin withdraws nomination to Fed board, Washington Post, Rachel Siegel, Tyler Pager, Mike DeBonis and Seung Min Kim, March 15, 2022. Retrieved March 16, 2022.
  24. ^ Cochrane, Emily; Smialek, Jeanna (March 14, 2022). "Manchin won't support Raskin for the Fed, imperiling her nomination". The New York Times. ISSN 0362-4331. Retrieved March 15, 2022.
  25. ^ Ackermann, Andrew; Duehren, Andrew (March 14, 2022). "Sen. Joe Manchin Signals Opposition to Sarah Bloom Raskin for Fed Post". Wall Street Journal. ISSN 0099-9660. Retrieved March 15, 2022.
  26. ^ "Biden's Fed nominee Raskin imperiled by Democrat's opposition". Reuters. March 14, 2022. Retrieved March 15, 2022.
  27. ^ Mayer, Jane (March 15, 2022). "Sarah Bloom Raskin Withdraws Her Nomination to the Federal Reserve Board". The New Yorker. ISSN 0028-792X. Retrieved August 13, 2023.
  28. ^ "Sarah Bloom Raskin withdraws nomination to Fed board". Washington Post. ISSN 0190-8286. Retrieved March 15, 2022.
  29. ^ Smialek, Jeanna (March 15, 2022). "Biden Withdraws Nomination for Fed's Top Bank Cop". The New York Times. ISSN 0362-4331. Retrieved March 15, 2022.
  30. ^ Ackerman, Andrew; Thomas, Ken (March 15, 2022). "Sarah Bloom Raskin Withdraws as Biden's Pick for Top Fed Banking Regulator". Wall Street Journal. ISSN 0099-9660. Retrieved March 15, 2022.
  31. ^ Mayer, Jane (March 15, 2022). "Sarah Bloom Raskin Withdraws Her Nomination to the Federal Reserve Board". The New Yorker. ISSN 0028-792X. Retrieved August 13, 2023.
  32. ^ "Opinion | the Message of Sarah Raskin's Defeat". Wall Street Journal. March 15, 2022.
  33. ^ "Congressman-elect Jamie Raskin resigns Maryland Senate seat". The Washington Post. November 11, 2016. Retrieved December 10, 2018.
  34. ^ Friends of Jamin Raskin (2006). "Biography". Jamie Raskin for State Senate campaign web site. Archived from the original on August 27, 2006. Retrieved May 4, 2006.
  35. ^ Flynn, Meagan (December 31, 2020). "Rep. Jamie Raskin announces the death of his 25-year-old son". Washington Post. Retrieved January 2, 2021.
  36. ^ Lapin, Tamar (January 5, 2021). "Rep. Jamie Raskin, wife say son lost battle with depression in heart-wrenching tribute". New York Post. Retrieved January 7, 2021.
  37. ^ Raskin, Rep Jamie (January 4, 2021). "Statement of Congressman Jamie Raskin and Sarah Bloom Raskin on the Remarkable Life of Tommy Raskin". Medium. Retrieved January 7, 2021.
  38. ^ Harvard Remembers Tommy Raskin an 'Extraordinary Young Person' with a 'Perfect Heart' and 'Dazzling Radiant Mind' , Harvard Crimson, Emmy M. Cho, Alexandra Topic, January 18, 2021. Retrieved Marach 16, 2022.
Government offices
Preceded by Member of the Federal Reserve Board of Governors
2010–2014 		Succeeded by
Political offices
Preceded by United States Deputy Secretary of the Treasury
2014–2017 		Succeeded by
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