[Congressional Record Volume 168, Number 46 (Tuesday, March 15, 2022)]
[Senate]
[Page S1159]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                    Nomination of Sarah Bloom Raskin

  Now, on another matter, there is bipartisan Senate opposition to 
Sarah Bloom Raskin, President Biden's radical and unacceptable nominee 
for the powerful Federal Reserve Board position of Vice Chair for 
Supervision.
  Runaway inflation is hammering American families. Democrats' reckless 
policies have backed the Fed into a very tricky corner. Just this 
morning, the new ``Producer Price Index Report'' showed wholesale 
inflation is up 10 percent--10 percent--over 12 months, tied for the 
worst year ever.
  At a time like this, the Fed's independence is paramount. But 
President Biden's nominee for this powerful seat has spent years 
campaigning to turn the Fed from a nonpartisan central bank into a far-
left superlegislature that voters cannot get rid of.
  Explicitly and repeatedly, she has called for the Fed to go about 
picking winners and losers in accord with liberal ideological goals 
completely unrelated to the Fed's core duties.
  The far left cheered Ms. Raskin's nomination for the same reason that 
Senators from both parties oppose it. She wants to take radical policy 
aims that liberals can't achieve through Congress and hardwire them 
directly into our financial system instead.
  President Biden was literally asking for Senators to support a 
central banker--a central banker--who wanted to usurp the Senate's 
policymaking power for herself.
  Ms. Raskin would have been a Vice Chair who sought to raise gas 
prices, raise home heating costs, and undermine the very institution of 
the Federal Reserve in the process.
  It is not surprising that there is bipartisan Senate opposition to 
such a radical nominee. Even before one considers the unanswered 
ethical questions to which the Banking Committee has not been able to 
get straight answers, President Biden's selection wildly--wildly--
missed the mark. It is past time the White House admit their mistake 
and send us somebody suitable.