Twenty-one States Urge Biden to Withdraw Nominee to the Fed

Sarah Bloom Raskin wants Fed to penalize banks that serve oil and gas companies

 

"Americans do not need the federal government telling banks who can get loans depending on politics," said Derek Kreifels, CEO of the State Financial Officers Foundation. "But Sarah Bloom Raskin, Mr. Biden's nominee to the Fed, disagrees. She plans to shut out of bank loans companies that fail to meet her environmental standards."

 

Concerned about Ms. Raskin's track record, which includes criticizing the Fed for allowing oil and gas companies access to emergency pandemic funds, on January 31, 2022, twenty-four state financial officers signed an open letter asking Mr. Biden to immediately withdraw her nomination. The financial officers represent 21 states and oversee more than $1.5 Trillion in investments, including states' college payment plans, funds for the disabled, and pensions for teachers, police, and firefighters.

 

"Americans are already facing record-breaking inflation. If Ms. Raskins prevails, energy costs will skyrocket," said John Murante, Nebraska State Treasurer and national chair of the State Financial Officers Foundation. "If Mr. Biden truly cares about hardworking Americans, he should withdraw her nomination immediately."

 

On February 3, the Senate Banking Committee will be holding a nomination hearing for Ms. Raskin. If the Committee moves forward, Ms. Raskins' nomination will move to the entire Senate for a vote.

 

The State Financial Officers Foundation (SFOF), the only nonprofit in the U.S. that combines ground-breaking free-market research with a strong network of states’ treasurers, auditors, and other financial officers, to actively sustain the health of each state’s economic outlook.

 

For more information or to request an interview, please contact Jonathan Grella at (813) 857-7416 or email press@sfof.com.

 

Here is the complete list of State Treasurers, Auditors, and Financial Officers signed on to the opposition letter:

 

Arizona Treasurer Kimberly Yee Arkansas Treasurer Dennis Milligan Florida CFO Jimmy Patronis Georgia Treasurer Steve McCoy Idaho Treasurer Julie Ellsworth Indiana Treasurer Kelly Mitchell Kentucky Auditor Mike Harmon Kentucky Treasurer Allison Ball Louisiana Treasurer John Schroder Mississippi Treasurer David McRae Missouri Treasurer Scott Fitzpatrick Nebraska Treasurer John Murante

North Carolina Treasurer Dale Folwell, CPA North Dakota Treasurer Thomas Beadle Ohio Treasurer Robert Sprague Oklahoma Treasurer Randy McDaniel Pennsylvania Treasurer Stacy Garrity South Carolina Treasurer Curtis M. Loftis, Jr. South Dakota Treasurer Josh Haeder South Dakota Auditor Richard Sattgast Utah Auditor John Dougall Utah Treasurer Marlo Oaks West Virginia Treasurer Riley Moore Wyoming Treasurer Curt Meier