Maryland State Regulator Nominated to Serve as Fed Governor

March 15, 2010 — Sarah Bloom Raskin, the commissioner of the Maryland Office of Financial Regulation, has been nominated by President Obama to serve on the Board of Governors of the Federal Reserve Bank.

Several vacancies exist on the Federal Reserve Board of Governors; the two other nominees are Janet L. Yellen, president of the Federal Reserve Bank of San Francisco, and Peter A. Diamond, a Massachusetts Institute of Technology professor. Yellen is expected to fill the vice chairman role. Federal Reserve Governor nominees have to be confirmed by the Senate.

Raskin became the commissioner of the Maryland agency in 2007. Immediately prior to joining the Office of Financial Regulation, Raskin served as Managing Director at Promontory Financial Group. She was also Banking Counsel to the U.S. Senate Committee on Banking, Housing and Urban Affairs and has worked at the Federal Reserve Bank of New York and the Joint Economic Committee of Congress.