Raskin said in written answers she could not remember whether she helped the company get a master account, but has agreed to stringent ethics standards in responses to the committee, including not seeking employment at a financial services company for at least four years after leaving the Fed.
A co-founder of Reserve Trust vouched for Raskin’s conduct last week.
Raskin’s previous confirmations to the Fed board and as deputy secretary of Treasury weren’t contentious, but her advocacy for the Fed and other regulators to act on climate risks has prompted opposition from the oil and gas industry.
Senate Minority Leader Mitch McConnell said Tuesday he opposed putting Raskin in a job “with major unilateral power” and urged Biden to find a “better, more mainstream” nominee. McConnell said Raskin has argued openly that unelected Fed governors can declare an ideological war against fossil fuels.
“Fed governors are supposed to be neutral regulators,” he said on the Senate floor.
With Cook, an economist and the first Black woman nominated to the Fed, Republicans questioned her knowledge of monetary policy and how she would respond to inflation.
Democrats on the committee have been unified in support of Biden’s nominees.
Raskin mollified moderate Democrats like Montana Senator Jon Tester by saying the Fed’s job was not to allocate capital, nor would it restrict banks from financing particular industries like oil and gas.
“I think she’s gonna be fine. I mean, she’s absolutely qualified for the job,” Tester said Monday night.
--With assistance from Laura Litvan.
This article was provided by Bloomberg News.