WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03), Ranking Member on the Consumer Protection & Financial Institutions Subcommittee released the following statement regarding the confirmation hearing of Sarah Bloom Raskin, President Biden’s nominee to serve as Vice Chair for Supervision of the Federal Reserve.

“Mrs. Raskin’s nomination to serve as the most influential regulator of the United States banking system is yet another radical choice from the Biden Administration. The focus of America’s top banking supervisor should be the health and success of our nation’s financial system, but Mrs. Raskin’s prior statements criticizing our nation’s energy providers indicate otherwise. There are already legally operating businesses in this country that can no longer access financial services due to overzealous regulators and examiners inappropriately pressuring financial institutions to close accounts,” said Luetkemeyer.

“I am fearful this nomination will result in a regulatory regime that dictates the allotment of capital by picking and choosing which companies and industries can access the financial services required to survive. I urge my colleagues in the Senate to oppose Mrs. Raskin’s nomination in favor of a nominee who can regulate without a political agenda.”

Background:
In a 2020 New York Times op-ed, Mrs. Raskin explicitly advocated for the exclusion of U.S. energy companies from the emergency lending programs available to legally operating American industries.