Treasurer Garrity Calls on President Biden to Withdraw Nominee for Vice-Chair for Supervision at the Fed

State fiscal officers from across the country joined Garrity to oppose Biden nomination

Harrisburg, PA - Treasurer Stacy Garrity, leading a coalition of state fiscal officers from across the country, has called on President Joe Biden to withdraw his nominee to become the federal government’s top banking supervisor, Sarah Bloom Raskin.

“This nominee is a risk to reliable energy companies and the millions of people who are employed by them here in Pennsylvania and across the country. She has claimed that the fossil fuel industry is a ‘dying industry’ and actively worked against it. Meanwhile, the Energy Information Administration’s preliminary data for 2020 shows that energy produced from petroleum, natural gas, and coal accounted for about 79% of total U.S. primary energy production. These energy industries are critical to our nation’s economy, and it’s clear that Ms. Raskin is not the right person to serve in this position. If President Biden doesn’t withdraw the nomination, the Senate should swiftly reject it.”

Pennsylvania State Treasurer, Stacy Garrity

The role of the Federal Reserve, as stated in the 107th Annual Report of the Board of Governors of the Federal Reserve System (2020), is to promote “a safe, sound, and efficient banking and financial system that supports the growth and stability of the U.S. economy.”

Garrity was joined by treasurers and other fiscal officers from Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Utah, West Virginia, and Wyoming in calling for President Biden to withdraw the nomination.

In their letter to President Biden, Garrity and the other fiscal officers wrote that they “oppose Ms. Raskin’s radical banking and economic views and are deeply concerned that she would use the supervisory authority as Vice-Chair for Supervision at the Federal Reserve Bank to disrupt the private banking sector, reliable energy supplies, and the U.S. economy.”

The full letter is available here.

Raskin’s nomination to serve as Vice-Chair for Supervision at the Federal Reserve Bank has also generated concern from the U.S. Chamber of Commerce.

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