President Joe Biden’s nominee for the Federal Reserve’s top regulatory position will warn she intends to take a tough approach to policing Wall Street, arguing stability should “never be compromised in favour of short-term political goals” as it was during the 2008 crisis.
In prepared testimony released ahead her Senate confirmation hearing on Thursday, Sarah Bloom Raskin doubled down on her uncompromising stance despite a barrage of recent attacks from Republicans.
“Like the crises before it, the subprime mortgage crisis showed how weak regulatory oversight and unattended problems can reverberate, rattle and ravage our entire economy,” Raskin said.
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