In December, partisan politics helped nullify the nomination of Saule Omarova, who withdrew herself as currency controller after attacks by Republicans and bank lobbyists, and as she struggled to gain enough support from Democrats.
In contrast, the banking industry has a more benign view of Ms. Raskin. The Financial Services Forum, which represents the chief executive officers of the largest banks, congratulated Ms. Raskin and the other White House Fed voters in a statement after their nominations were announced, as did the American Bankers Association.
Ms. Raskin is seen as a qualified candidate who understands the roles various regulators play in banking supervision, according to a banking industry executive who asked not to be identified when discussing regulatory issues. While bankers expect Ms. Raskin to be confirmed, they are waiting for more clarity on her stance on climate finance and disclosures, the director said.
Because she’s been received as a mainstream pick, centrist Democrats have sounded pleased with Ms. Raskin.
“I’m very impressed with her,” Virginia Democrat Senator Mark Warner said Tuesday, adding that he hadn’t met her yet, but was “favorably inclined” and noted that banks have expressed their comfort.
West Virginia Senator Joe Manchin III, a major centrist Democrat, said on Wednesday that he had not yet studied the nominees, adding that he is “going to make an effort” because he is “very concerned” about things like inflation.
Ms. Raskin, a Harvard-trained attorney, is a former Assistant Secretary at the Treasury Department, where her areas of focus include cybersecurity of financial systems. She also served as Maryland’s financial regulation commissioner for several years. Ms. Raskin is married to Representative Jamie Raskin, a Democrat from Maryland.
If confirmed, she would be only the second person formally appointed as the Fed’s vice chairman for oversight, succeeding Randal K. Quarles, a Trump presidential candidate who has typically favored lighter and more precise regulation. Ms. Raskin, on the other hand, has a track record of stricter regulation.
