Sen. Jon Tester, a key Democrat on the Senate Banking Committee, said he’s taking a closer look at Sarah Bloom Raskin’s involvement in a financial technology company that gained direct access to the Federal Reserve’s payment system as he weighs whether to support her nomination for the Fed board.
Republicans say Raskin used her influence as a former government official to secure a Fed master account for the Colorado-chartered Reserve Trust, the fintech company where she was a board member from 2017 to 2019. Raskin said she didn’t do anything improper.
“Initially I was told there was no there, there, but then my staff said there possibly could be, so I’ve got to download on that,” Tester, D-Mont., said in an interview. “If she was telling people what to do from a Fed standpoint, that’s not good.”
