Nathan Sheets, the Federal Reserve’s behind-the-scenes international emissary during the global financial crisis, is returning to the fray as Treasury Secretary Jacob J. Lew’s frontman on the world economic stage.
Sarah Bloom Raskin, nominated to become first female U.S. deputy Treasury secretary, said the department’s work on housing finance and financial regulation will help underpin the country’s long-term economic prospects.
Some U.S. trading partners need to pursue policies that rely more on markets to set the value of their currencies, said Sarah Bloom Raskin, the Obama administration’s nominee to be the No. 2 official at the Treasury Department.
In Stanley Fischer, the Federal Reserve would gain a financial statesman with contacts and credibility around the world as it begins to pull back on record stimulus, possibly unsettling foreign markets.
President Barack Obama is considering Federal Reserve Governor Sarah Bloom Raskin, a former state banking regulator, to serve as deputy Treasury Secretary, according to two people familiar with the matter.
Federal Reserve Governor Sarah Bloom Raskin said the financial inequality resulting from stagnating incomes for most Americans and rapid growth in wealth for the richest 1 percent is hindering the U.S. economic recovery.