Biden Taps Far-Left, Pro-Regulation Sarah Bloom Raskin for Top Fed Banking Regulator

In yet another in a never-ending display of just how tone-deaf the Biden administration is, President Biden announced three new nominations for the Federal Reserve's Board of Governors, including far-Left, pro-government-intervention Sarah Bloom Raskin, for the central bank’s top regulatory spot.

Biden nominated Raskin to serve as vice-chair for supervision, and academic economists Lisa Cook and Philip Jefferson to fill the remaining vacancies on the seven-member board. If approved through the Senate confirmation process, Cook would be the first Black woman to serve on the Fed's board, while Jefferson would be the fourth Black man to do so. Additionally, the board would – for the first time in its history – consist of a majority of women.

As vice-chair for supervision, Raskin would oversee annual stress tests that examine bank safety and liquidity. Many on the far-Left believe that Raskin will appear to take a tougher stance against Wall Street than her predecessor.

But many in the political center and on the Right are indicating "serious concerns" about her push to establish market-killing financial regulatory policies for cryptocurrencies and extending the Fed’s mission statement to favor policies that attempt to co-opt the global economy under the ruse of climate change. 

Raskin's husband, Rep. Jamie Raskin (D-MD), led the second impeachment trial of former President Trump.

Speaking to reporters, a Senate Banking Committee aide said, “Senate Republicans have serious concerns about Ms. Raskin’s desire for the Fed to engage in mission creep by exceeding the bounds of its narrow statutory mandate in order to pursue a liberal social agenda, particularly on climate change."

US Sen. Pat Toomey (R-PA), the ranking member of the Senate Banking Committee, will reportedly question Raskin on her calls for the Fed to champion Biden administration favored businesses while denying credit to disfavored ones.

"I have serious concerns that she would abuse the Fed’s narrow statutory mandates on monetary policy and banking supervision to have the central bank actively engaged in capital allocation. Such actions not only threaten both the Fed’s independence and effectiveness but would also weaken economic growth," Toomey said.

Why This Is Important

Important to note here is the vulnerability of the economy and the solid record of government intervention in the free market working to the detriment of the American people.

Also important to understand is the fact that while the members of the Federal Reserve Board are nominated by the President and confirmed by the Senate, those appointed to the board do not serve at the pleasure of the President. The Federal Reserve, although the authority over our banking system, is not part and parcel of the US federal government’s purview.

The Fed is an independent entity of the private sector with governmental powers. As explained by TheBalance.com:

“The Federal Reserve is the central banking system of the United States, and it has been around for over a century.

“The Panic of 1907 spurred President Woodrow Wilson to create the Federal Reserve System. He called for a National Monetary Commission to evaluate the best response to prevent ongoing financial panics, bank failures, and business bankruptcies. Congress then passed the Federal Reserve Act of 1913.

“Congress originally designed the Fed to ‘provide for the establishment of Federal Reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the U.S., and for other purposes.’

“Since then, Congress has enacted legislation to expand the Fed's powers and purpose. Today, the Fed enacts monetary policy to manage inflation, maximize employment, and stabilize interest rates. It also oversees the banking system to protect consumers.”

But as they also explain, the actions undertaken by the Federal Reserve have a significant impact on each and every one of us every day and absolutely affect the worth of our accrued wealth. The board’s decisions have a direct effect on stocks and bond mutual funds, as well as our loan rates, thus having an indirect effect on the values of our homes and even our chances of being laid off and/or rehired.

Appointing more conservative members to the Fed board usually results in a more ingenuous fidelity to the unique American capitalist free market system because the commissioners tend to be reluctant to interfere in a regulatory manner, thus allowing for the strength of the free market elements of the US economy to thrive.

It is, for this reason, the economies crafted by both Reagan and Trump thrived; they appointed non-interventionalists to the Federal Reserve Board.

As explained by Steven Nickolas of Investopedia.com, the free market and capitalism are not interchangeable references to the same economic systems. Capitalism centers on the creation of wealth, open competition, and individual incentives as well as private sector ownership of the capital, means of production, and product distribution

A truly free market system, by contrast, centers exclusively on the exchange of wealth or goods and services and is dictated by demand and supply from buyers and sellers, with no government intervention (read: regulation).

The United States is, in actuality, a mixed economy. Although elements of the free market are integral to the US markets, there is an overabundance of state and federal oversight, taxation, and regulation that exist, especially in sectors prone to special interests.

A cursory examination of Raskin’s professional history indicates that she is not shy about imposing special interest promoting regulations on the markets to affect a preferred outcome. She is a social-engineering ideologue and her positions on regulating the cryptocurrency sphere as well as using the Federal Reserve to facilitate the dictates of the World Economic Forum’s Great Reset under the guise of addressing “climate change” make that clear.

The mission statement of the Federal Reserve Banking System is clear and limited. They are tasked, per their own website, with fostering, “the stability, integrity, and efficiency of the nation's monetary, financial, and payment systems so as to promote optimal macroeconomic performance.” But they are limited, specifically, to these six goals:

1. Conduct monetary policy that promotes the achievement of the Federal Reserve's statutory objectives of maximum employment and stable prices

2. Promote a safe, sound, competitive, and accessible banking system and stable financial markets

3. Administer federal consumer financial protection laws that fall within the Board's statutory authority, including those designed to encourage regulated financial institutions to help meet the credit needs of their local communities

4. Foster the integrity, efficiency, and accessibility of US payment and settlement systems

5. Provide oversight of the Reserve Banks

6. Foster the integrity, efficiency, and effectiveness of Board programs and operations

Nowhere in the mission statement or goals stated in their literature or charter does it incline them to engage in transformative or destructive economics.

But where their influence has been exerted so far in the cryptocurrency sphere it has been destructive; influencing markets in adverse ways each and every time a statement on the economy or the subject of cryptocurrency is issued by the Fed’s board of governors – either officially or in passing in the media.

And nowhere in its charter are the Fed Board governors empowered to influence the US markets based on politics, special interest concerns, foreign economic models and/or theories, or efforts by global elites to co-opt the American economic system, such that the WEF’s Great Reset is wont to do.

The Biden administration has proven beyond a doubt they are bought and paid for by extreme far-Left special interests as well as at least two foreign governments: Communist China and Russia. Raskin’s nomination reflects this reality without question. She would commit to embracing the Great Reset while robbing the American people of the free, untainted-by-government, and decentralized cryptocurrency market that, to date, has allowed the average American an avenue to a great deal of wealth creation.

An additional point to keep in mind is this.

Since the Federal Reserve doesn’t answer to the authority of the federal government there is no governing body to audit or provide meaningful oversight to their actions. The Federal Reserve has never been independently audited.

This should disturb everyone to the point that we should make Sarah Bloom Raskin’s confirmation hearings a debate and vote on the confidence the American people have in the Federal Reserve Banking system as a whole.

I don’t know about you, but cryptocurrencies, i.e. Bitcoin and Ethereum, are looking mighty attractive right now.

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