WASHINGTON (11/21/13)--Sarah Bloom Raskin came before the Senate Finance Committee Wednesday as the panel considered the Federal Reserve Board governor's nomination to become deputy secretary of the U.S. Treasury Department.
If the nomination is approved by the committee and confirmed on the floor of the U.S. Senate, Bloom Raskin would be the first female to serve in the deputy secretary post.
She described the Treasury Department in her testimony as the executive agency charged with promoting economic prosperity and financial stability. She said it has a "sacred trust to advance the fortunes and livelihood of our people, our businesses, our communities, and our nation."
"The government does not create wealth and prosperity and innovation in our economy, but it does create the conditions in which our people and businesses can, and therefore its role is central and indispensable," she said.
Also in her testimony in support of her confirmation, the Treasury nominee detailed both her private and public sector experience, which included time as Senate Banking Committee counsel under three different chairmen.
Bloom Raskin said that her time as a private sector attorney has given her "invaluable management experience," and also taught her "what those in the financial marketplace seek most from government: stability, predictability, fairness, a sense of proportion, attention to the unintended consequences of regulation, pragmatism, and bipartisan effort towards economic prosperity and public efficiency."
As a public servant, as Commissioner of Financial Regulation for the State of Maryland from 2007-2010 and a Fed governor from 2010 to present, she has worked for stability for the country's financial sector and, at the Fed, to "maximize employment, maintain price stability, and restore the underlying strength and vibrancy of the American economy."
The finance panel also heard the testimony of Rhonda Schnare Schmidtlein, who has been nominated to serve on the International Trade Commission.