Posted on 02/04/2022 10:33:55 PM PST by 11th_VA
Senate Republicans suggested Thursday that Sarah Bloom Raskin — President Joe Biden’s nominee for the top bank supervisory post at the Federal Reserve — used her status as a former government official in 2017 to help a company whose board she sat on get special access to the Fed’s payments system.
Raskin repeatedly refused to answer questions from Wyoming Republican Cynthia Lummis about whether she called the Kansas City Regional Federal Reserve on behalf of that company, Reserve Trust, after joining its board. Lummis said Raskin, who spoke before the Senate Banking Committee, did make such a call.
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Lummis said Thursday that Raskin called the Kansas City Regional Federal Bank in August 2017 about the denial of Reserve Trust’s master account application two months earlier.
Reserve Trust ultimately was granted a Fed master account in 2018, Lummis said.
“To my knowledge, there’s one, and only one, state-chartered trust company that has a Fed master account,” Lummis said at Raskin’s confirmation hearing.
“It’s a start-up based in Colorado formed in 2016, called Reserve Trust,” Lummis noted.
“So Reserve Trust is denied, you go on their board, then they get a master account. Did you communicate with the Board of Governors about Reserve Trust’s application?” Lummis asked.
“So I can assure you that I have been very focused,” Raskin replied before Lummis cut in, asking: “Well, who did you who did you communicate with?”
Raskin then said, “First of all, I want to be very clear here. The Federal Reserve has approved plenty of master accounts.”
Lummis said, “But not in fintech.”
In her questioning of Raskin, Lummis noted that Amias Gerety, a former acting assistant secretary at the Treasury Department, held that position while Raskin was deputy secretary at Treasury. Gerety is also a partner at QED Investors, which is currently the controlling owner of Reserve Trust, Lummis said.
“So in 2020, QED Investors purchased the 195,000 Reserve Trust shares you received when you joined the board in 2017,” Lummis told Raskin. “And they purchased your shares for almost $1.5 million. Even in this town, that’s a lot of money for being on a company’s board of directors for two years.”
The senator then said: So let me recap: “You leave Treasury, you serve on the board of Reserve Trust for two years. Their first application for a master account is denied. But after the denial, you call the Federal Reserve and Reserve Trust receives a Fed master account, the only state-chartered trust company in the country to get one. And you walk away with a million and a half dollars.”
Lummis added: “Something doesn’t smell right with the way this played out. My state’s companies, my constituents have been stonewalled, have been slow-walked and have not been able to get approval even though they’ve been working with the Fed for two and a half years on our very specific guidelines for getting master accounts.”
Is she related to that HIDEOUS JAMIE RASKIN???
I am SHOCKED that this DEMOCRAT couple have the same last name....most don't!
She’s married to him
The senator then said: So let me recap: “You leave Treasury, you serve on the board of Reserve Trust for two years. Their first application for a master account is denied. But after the denial, you call the Federal Reserve and Reserve Trust receives a Fed master account, the only state-chartered trust company in the country to get one. And you walk away with a million and a half dollars.”
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Remember! The government always acts in the best interest of its citizens.
Institute for Policy Studies ping.
If the name is Raskin in politics, then they are either a crook or marxist - Rep. Jaime Raskind, D-MD, son of MARXIST Marcus Raskin, IPS, and suspected KGB agent or voluntary collaborator.
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