March 12, 2014 – For immediate release

NASCUS Congratulates Bloom Raskin on Confirmation as Treasury Deputy Secretary

Arlington, VA -
Sarah Bloom Raskin, who from 2007 until 2010 served as the commissioner of financial regulation for the state of Maryland and from 2010 until now as a Federal Reserve Board governor, was confirmed today to be the U.S. Treasury Department’s deputy secretary. She was nominated last year by President Barack Obama to serve in the Treasury’s No. 2 position and approved twice by the Senate Finance Committee, first in December and again in January after the second session of this Congress began.

Bloom Raskin, who received a B.A. from Amherst College and a J.D. from Harvard Law School, has written rules to implement the Dodd-Frank overhaul of the financial system. She is the first woman to serve as deputy secretary of the Treasury Department.

“We look forward to continuing to work with Ms. Bloom Raskin in her new role,” said NASCUS President and CEO Mary Martha Fortney. “She knows NASCUS and the state regulators well, and we know she will do an excellent job for Treasury. We congratulate her on her confirmation to serve as Treasury deputy secretary.”

Bloom Raskin served as banking counsel to the U.S. Senate Committee on Banking, Housing and Urban Affairs from 1993 to 1998. She also worked for the Federal Reserve Bank of New York and the Joint Economic Committee. She has experience in the private sector as well. Her move to Treasury opens a second vacancy on the Federal Reserve Board of Governors. Elizabeth Duke, a former banking industry executive from Portsmouth, Va., stepped down from the board in August 2013.

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The NASCUS mission is to enhance state credit union supervision and advocate a safe and sound state credit union system.