Federal, People, Regulation

Treasury nominee Raskin testifies before Senate Finance Committee

Sarah Bloom Raskin

Sarah Bloom Raskin

Sarah Bloom Raskin, the nominee for Treasury deputy secretary, testified before the Senate Finance Committee on Wednesday that she would work with lawmakers to enact long-term reforms to the housing finance system and financial system.

“This is an exciting time to join the Treasury Department,” Raskin said. “With the need for immediate stabilization from the financial crisis behind us, Congress and the Administration can increasingly focus their attention on longer-term structural reforms that will improve conditions for sustainable and meaningful economic growth…If I am so honored, I look forward to working every day to build effective policies for a sustained economic recovery and growth that reaches every corner of every state in our nation.”

Bloom was nominated and confirmed in 2010 to serve on the Federal Reserve Board. Between 2007 and 2010, Bloom served as the commissioner of financial regulation in Maryland. She was nominated for the Treasury position by President Barack Obama in July.

Bloom also served as a managing director at consulting firm Promontory Financial Group and an aide to Sen. Paul Sarbanes (D-Md.) on the Senate Banking Committee staff, according to The Wall Street Journal.

Sen. Orrin Hatch (R-Utah) of the Senate Finance Committee said he would support the nomination of Raskin, suggesting that she will not encounter strong opposition in the Senate. If confirmed, she would become the highest-ranking woman ever at the U.S. Treasury.

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