Explainer: Raskin’s withdrawal from Fed nomination spells more delays for rule changes

By Reuters Posted on March 16, 2022

FILE PHOTO: U.S. Senate Banking Committee holds hearing for Federal Reserve nominees on Capitol Hill in Washington

FILE PHOTO: Sarah Bloom Raskin, nominated to be vice chair for supervision and a member of the Federal Reserve Board of Governors, gestures during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool

By Pete Schroeder

Sarah Bloom Raskin’s decision Tuesday to withdraw her nomination as the Federal Reserve’s Wall Street cop further delays rule changes that have been in limbo since Randal Quarles stepped down as vice chair for supervision in October.

A Fed controlled by Democrats will pursue the same broad agenda regardless of who is in the supervision seat, and staff and governors may be able to work on some measures while the White House figures out a new nominee, analysts said.