US Senate confirms Wall Street critic as Treasury No. 2
Published on Mar 13, 2014 2:05 AM
WASHINGTON (REUTERS) - The US Senate on Wednesday approved Federal Reserve Governor Sarah Bloom Raskin to be the No. 2 official at the Treasury Department, backing a critic of Wall Street to help coordinate an overhaul of financial regulations.
The Senate approved the nomination by voice vote.
Ms Raskin, who was a state banking supervisor before she joined the Fed, is expected to play a central role in the roll-out of regulations aimed at preventing a repeat of the 2007-09 financial crisis.
Her departure from the central bank opens yet another seat on the Fed's board for President Barack Obama to fill.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!