Biden nominated Sarah Bloom Raskin as the Fed's vice chairwoman of supervision.
Her husband's paperwork shows the couple failed to properly disclose large holdings in Reserve Trust, a fintech company.
The late disclosures are a violation of the Stop Trading on Congressional Knowledge Act of 2012.
Democratic Rep. Jamie Raskin of Maryland violated a federal conflict-of-interest law by failing to properly disclose stock shares his wife received for advising a Colorado-based financial technology trust company.
The congressman likewise disclosed information about the sale of Reserve Trust stock eight months after Sarah Bloom Raskin dumped the stock in late 2020 for $1.5 million, an Insider analysis of federal records indicates.
This violation of the Stop Trading on Congressional Knowledge Act's disclosure provisions, which exist to promote transparency and defend against financial conflicts, comes at a time of significant national attention for the Raskins.
Jamie Raskin, who acknowledged he was late filing the portion of the disclosure about the sale and said it happened because of his son's death, is a prominent congressman who led the second impeachment trial of former President Donald Trump. Sarah Bloom Raskin is President Joe Biden's nominee to fill the position of the government's most powerful banking regulator and faced a key Senate panel on Thursday.
If confirmed, Sarah Bloom Raskin would become vice chairwoman of supervision at the Federal Reserve, after having held top-level jobs at the US Treasury and the Fed during the Obama administration.
Yet she faces an uncertain confirmation path among Republicans and conservative Democrats in a narrowly divided Senate given that she has called for harsher financial regulations aimed at combating the climate crisis and supports tougher oversight on big banks.
The omission from congressional reports of the shares she held in Reserve Trust is likely to hand another round of ammunition to Republicans, who want to stall Biden's nominees. At least one conservative watchdog group is already questioning whether she used her past Fed connections to help the fintech trust, and Sen. Cynthia Lummis, a Republican of Wyoming, brought it up during Thursday's hearing.
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https://news.yahoo.com/democratic-rep-jami...
Posted By: Steve Williams
Friday, February 4th 2022 at 3:55AM
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