President Intends to Nominate Maryland State Regulator to Fed Board of Governors

April 29, 2010 — President Obama announced April 29 that he intends to nominate Sarah Bloom Raskin, the commissioner of Financial Regulation for Maryland, to the Board of Governors of the Federal Reserve System (Fed).

Her nomination accompanies two other Fed nominees, Janet Yellen and Peter Diamond. Yellen is slated to become the Vice-Chairman of the Fed. The nominations are subject to Senate confirmation.

Raskin has been the head of the Maryland state regulator agency since August 2007. Previously, she was Banking Counsel to the U.S. Senate Committee on Banking, Housing and Urban Affairs and Managing Director at Promontory Group.

In a White House press release, the President commented, "The depth of experience these individuals bring in economic and monetary policy, financial regulation, and consumer protection will make them tremendous assets at the Fed. I am grateful they have chosen to dedicate their talents to serving the American people."