Statement by Crapo following the withdrawal of the nomination of Sarah Bloom Raskin
Washington DC–U.S. Senator Mike Crapo (R-Idaho), a senior member of the Senate Banking Committee, issued the following statement after Sarah Bloom Raskin withdrew her nomination as Vice Chairman for Oversight on the Federal Reserve Board of Governors :
“The Federal Reserve is charged with an extremely important role in shaping monetary policy decisions independent of political persuasion,” Crapo said. “I was very concerned about Sarah Bloom Raskin’s public statements targeting the oil and gas sector. I fought for many years against progressive left policies that would stifle credit to politically disadvantaged industries, such as oil and gas companies or gun companies. Now that she has withdrawn her nomination, a much better solution would be for Democrats to demand transparency and advance nominations fully committed to improving our nation’s economy through greater spending discipline and policy that fuels growth. jobs and small businesses, not inflation.
Under the Obama administration, Crapo fought against “Operation Choke Point, an initiative in which federal agencies pressured banks to “stifle” the access of politically disadvantaged industries to payment systems and banking services. In January, Crapo sent a letter to Jelena McWilliams, then president of the Federal Deposit Insurance Corporation, asking for transparency on steps taken to address concerns about the initiative and related 2018 investigation. President McWilliams responded at the request of January 31, 2022.
Crapo has troubled banks in the past for issuing guidelines that could effectively cut off financial services to law-abiding gun manufacturers, retailers and gun buyers if they do not comply with bank preferences in matters of firearms.