Posted on 02/10/2022 5:25:36 AM PST by BenLurkin
Sarah Bloom Raskin, President Joe Biden’s latest Federal Reserve nominee, is a revolving-door lobbyist who used her access to get special treatment from the Fed for a company on whose board she sat. She thus made more than a million dollars for herself.
The company involved is called Reserve Trust. Reserve Trust is explicitly not a bank but a “fintech trust company” that serves as an intermediary between businesses, allowing one company to pay another company directly without having to work through a bank.
Unlike competing payment systems, Reserve Trust has direct access to the Federal Reserve “Master Account,” a privilege typically limited to banks, not to fintech companies.
This special advantage — being a nonbank with the ability to move money directly between customers — is the entirety of Reserve Trust’s business. The company brags that it can “seamlessly move money via the first cloud-based payment system connected directly to the Federal Reserve.” It’s even in its name, which invokes the Federal Reserve.
How did Reserve Trust get to be the only fintech company with direct access to the Fed’s Master Account? In part through the lobbying of Sarah Bloom Raskin.
Raskin was a Federal Reserve governor from 2010 through 2014, at which point President Barack Obama appointed her deputy treasury secretary. She cashed out in 2017 and joined the board of Reserve Trust, which compensated her with stock.
Reserve Trust was rejected in its first application to get access to the Fed’s Master Account. Then, Raskin called the Fed to lobby on this issue. Subsequently, in 2018, the Fed gave Reserve Trust access to the Master Account — the first time a company of its type got such a privilege.
(Excerpt) Read more at washingtonexaminer.com ...
ALL DEMOCRATS ARE DIRTY DISGUSTING CHEATERS!
Also wife of democrat Congressman Jamie Raskin.
Daughter in law of Marcus Raskin who was employed by the State Department and did everything he could, publicly and privately, to screw the American war effort in Vietnam. His son, the congressman, is one of the worst of the Dem leftists in Congress. And his wife appears to be a real grifter who wants to lecture the rest of us from the lofty heights of the Federal Reserve.
Maybe rename the Redskins - The Washington Raskins.
Those rascals.
Grifters just like the Clintoons.
Sarah Bloom Raskin, President Joe Biden’s latest Federal Reserve nominee, is a revolving-door lobbyist who used her access to get special treatment from the Fed for a company on whose board she sat. She thus made more than a million dollars for herself.
The company involved is called Reserve Trust. Reserve Trust is explicitly not a bank but a “fintech trust company” that serves as an intermediary between businesses, allowing one company to pay another company directly without having to work through a bank.
Contact Congress
U.S. House of Representatives:
* Telephone: 202-225-3121
* Website: http://www.house.gov/
U.S. Senate:
* Telephone: 202-224-3121
* Website: http://www.senate.gov/
Accurate summary
Thanks
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