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Biden to Tap Sarah Bloom Raskin for Fed's Powerful Vice Chair for Supervision: Report
The U.S. president will also nominate Lisa Cook and Philip Jefferson as Federal Reserve governors, sources told CNBC.
Updated May 11, 2023, 5:21 p.m. Published Jan 14, 2022, 4:48 a.m.
U.S. President Joe Biden will nominate Sarah Bloom Raskin as the U.S. Federal Reserve's vice chair for supervision, CNBC reported on Thursday, citing people familiar with the matter. The president will also tap Lisa Cook and Philip Jefferson as Fed governors, according the report.
- Raskin was a governor at the central bank from 2010 to 2014 before serving as deputy secretary of the Treasury Department during the Obama administration. She is married to U.S. Rep. Jamie Raskin, D-Md.
- Raskin's nomination faces a challenge from the Senate Banking Committee's ranking member, Pennsylvania Republican Sen. Pat Toomey. He criticized all three of Biden's potential picks.
- “Sarah Bloom Raskin has specifically called for the Fed to pressure banks to choke off credit to traditional energy companies and to exclude those employers from any Fed emergency lending facilities,” he said in a statement Thursday evening cited by CNBC. “I have serious concerns that she would abuse the Fed’s narrow statutory mandates on monetary policy and banking supervision to have the central bank actively engaged in capital allocation.”
- “I will closely examine whether Ms. Cook and Mr. Jefferson have the necessary experience, judgment, and policy views to serve as Fed Governors,” he added.
- The nominations come at time of record inflation, as Biden tries to pass his multitrillion-dollar Build Back Better legislation even in the face of opposition from some Senate Democrats whose every yes vote he needs to get the law passed.
- Cryptocurrency regulation is also of high concern to legislators who are trying to hash out bills as those in the industry lobby them heavily.
Read more: Crypto Learns to Play the DC Influence Game
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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U.S. Senate's Crypto Market Structure Bill Gets Messy as Calendar Weighs Down
The White House has shut down proposals, and lawmakers are circulating the Democrats' asks in what had been a close negotiation, revealing 11th-hour pressure.
What to know:
- Democrats shared a response to Republicans outlining their continuing priorities for a crypto market structure bill, which they said was intended to "reach an agreement and proceed towards a mark-up."
- The document laid out concerns with financial stability, market integrity and public officials' ability to trade and profit off of crypto, echoing concerns laid out in a framework Democrats shared in September.
- The Senate is running out of time in the Congressional calendar to hold a markup hearing — a key step toward progressing the bill — before 2025 ends.
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