03.15.22

Bipartisan Opposition to President Biden’s Radical Fed Nominee

WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the Federal Reserve:

“There is bipartisan Senate opposition to Sarah Bloom Raskin, President Biden’s radical and unacceptable nominee to 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 tricky corner. Just this morning, the new Producer Price Index report showed that wholesale inflation is up 10% 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 super-legislature that voters cannot get rid of.

“Explicitly, repeatedly, she has called for the Fed to go about picking winners and losers in accord with liberal ideological goals 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 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 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 missed the mark.

“It is past time the White House admit their mistake and send us someone suitable.”

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Related Issues: Nominations, Senate Democrats, Economy