Congress established the role in the wake of the 2008 financial crisis. If confirmed as vice chair for supervision, Raskin would be responsible for setting the Fed’s regulatory agenda. I'd respect you more if you did," he told her. John Kennedy, R-La., used her comments Thursday to add to the Republican criticism. "You said it. “And I can't think of a single moment when anyone could accuse me of having deviated from them.” “I've never deviated from these three principles guiding our regulatory and supervisory advisory processes,” she said. Banks choose their borrowers, not the Fed,” Raskin said, adding that regulations work best when they’re collaborative and regulators must act within the boundaries set by Congress. “It is inappropriate for the Fed to make credit decisions and allocations. Raskin said the Fed is not in the business of picking winners and losers. “This was an issue quite unlike the issue of supervision.” This was a special program set up by the CARES Act, by the Congress that appropriated taxpayer money,” she said, referring to the March 2020 pandemic relief law. “I wrote it in the context of the Federal Reserve's emergency lending facility. Raskin said she made the comments in the context of taxpayer-funded pandemic relief and would not apply them to the Fed’s regulatory or supervisory role. Committee Republicans attacked Raskin for a 2020 New York Times op-ed arguing the Fed should exclude struggling energy companies from the pandemic lending facilities. Raskin appeared Thursday before the Senate Banking Committee alongside fellow Fed nominees Lisa Cook and Philip Jefferson. Sarah Bloom Raskin, President Joe Biden’s nominee for Federal Reserve vice chair for supervision, defended previous statements on climate policy and the Fed’s role from attacks by Senate Republicans at her nomination hearing.
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