WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, today released the following statement after Sarah Bloom Raskin, President Joe Biden’s nominee to be a Vice Chair of the Federal Reserve, withdrew from consideration:
“Evasive. Non-responsive. Partisan. All qualities that are not acceptable for any nominee, most especially a central banker setting monetary policy. Sarah Bloom Raskin’s ethical concerns, lack of answers, and stated goal of moving the Fed well beyond its dual mandate in order to achieve certain policy objectives resulted in bipartisan opposition. She was right to withdraw, but President Biden must stop bowing to the progressive wing of his party and send a qualified nominee who respects the integrity of our financial system.”
Hagerty has previously indicated his support for Fed Chair Jay Powell for a second term, as well as Lael Brainard to be Vice Chair for Supervision and Dr. Philip Jefferson to be a Member of the Board of Governors.