Lisa Simpson
May 5,2010
In: Finance

Sarah Bloom Raskin, the Financial Regulator of Maryland has got the Nomination for Federal Post

Sarah Bloom Raskin, the Financial regulator of Maryland has got the nomination for federal post.

Sarah Bloom Raskin the financial regulator of Maryland has got the nomination for the Federal job in the Reserve Board. She has always taken a deep interest in the impact of the economy on day to day life. Her impetus has kept the people of Maryland from being subjected to scams, being foreclosed upon or be trapped by bank failure.

Her grass root focus caught the attention of White House. The highest financial regulator of Maryland is one among three nominated by the President to take up the vacant post in the Federal Reserve Board of Governors.

She would be taking up her post at a time when the Federal Government has come in for sharp criticism for not paying enough attention to the consumer and their problems. While the country scrambles to get out of the pit dug by the financial crisis of 2008 the Federal Reserve is trying to defend the policy it had undertaken prior to the crisis. It is attempting to come out with more regulating powers than with less.

Among the best known of the nominees is Janet Yellen who is the President of the San Francisco Federal Reserve. Another nominee is Peter Diamond a noted economist of Massachusetts Institute of Technology. He co-authored a book about protecting Social Security. Observers note that with Raskin Main Street would have a voice among the board members.

Greg McBride of Bankrate.com said, “In the aftermath of the financial crisis, there’s been greater scrutiny of the Fed’s role as a regulator — what should they have caught earlier, what missteps can be avoided in the future. So this is a nominee that adds a lot of strength to the lineup from a regulatory standpoint.”

Raskin is a resident of Takoma Park and is very popular in the state. She was named as the consumer advocate of Maryland Consumer Rights Coalition for 2009. Those who are working for prevention of foreclosures said she was pivotal in 2008 in giving the troubled house owners more time and putting pressure on the lenders regarding notification prior to putting up the house for auction. The banks were all praise for her post particularly because she spent a lot of time and energy in acquainting herself with each of them when she became member of the board in 2007.