Senate signs off on new Treasury No. 2

by Peter Schroeder - 03/12/14 4:29 PM ET

The Senate confirmed Sarah Bloom Raskin on Wednesday to serve as second-in-command to Treasury Secretary Jack Lew.

Raskin was confirmed by a voice vote for deputy secretary, and will be the highest-ranking woman in the history of the Treasury Department.

{mosads}“The Treasury Department is gaining a proven and experienced leader who is dedicated to promoting economic prosperity, and enhancing business and consumer confidence,” Lew said. “I look forward to working with her to safeguard our financial system, drive growth, create jobs, and expand opportunity for all Americans.”

Beginning in 2010, Raskin served as a member of the Federal Reserve Board of Governors, and before that was a financial regulator for the state of Maryland. The Harvard Law graduate also served as the managing director of the Promontory Financial Group.

While at the Fed, Raskin attracted attention for her role in helping the central bank implement new rules for financial regulation.

In the past, Raskin has offered critiques of Wall Street practices, and her colleagues have praised her attention to community banking matters at the regulator.

Raskin was nominated to join the Treasury to fill the spot vacated by Neal Wolin, who left the department in September. Mary Miller, the Treasury under secretary for domestic finance, has served as acting deputy secretary in the meantime. President Obama nominated Raskin for the job in July.

Raskin’s confirmation now opens up another seat at the Fed, which is looking at a number of vacancies, following the exit of Chairman Ben Bernanke and the confirmation of Janet Yellen, the former Fed vice chairwoman, to fill his spot.

The Senate Banking Committee will begin work filling two of the three vacancies on the seven-member board Thursday. Lawmakers will vet three Fed nominees, including Stanley Fischer to serve as the Fed’s new vice chairman.

As Raskin heads to the Treasury from the Fed, the panel will also examine the nomination of a former top Treasury official, Lael Brainard, to head to the Fed. The panel is also set to consider the nomination of Jerome Powell, who is already on the Fed board but seeking a full term.

Tags Federal Reserve System Sarah Bloom Raskin Sarah Bloom Raskin Treasury Department