Sarah Bloom Raskin
Former Deputy Secretary, U.S. Department of the Treasury & Governor of the Federal Reserve Board
As a Rubenstein Fellow, the Honorable Sarah Bloom Raskin worked closely with the Rethinking Regulation program at Duke’s Kenan Institute for Ethics and the Global Financial Markets Center at Duke Law School to improve the public’s understanding of markets and regulation. She led a research agenda seeking to shape a new relationship between regulation and resilience in financial markets and launched a blog, Bounceback (https://www.bouncebackeconomy.org/) on building a resilient American economy.
Governor Raskin also engaged with students across campus by co-teaching at Duke Law; mentoring and advising students on careers in the public sector; guest lecturing in courses across the university; leading collaborative research projects including a Bass Connections project on cybersecurity; and participating in public events.
Sarah Bloom Raskin served as the former Deputy Secretary of the U.S. Department of the Treasury, a position for which she was confirmed by the United States Senate, from March of 2014 to January of 2017. As the second-in-command of the United States Treasury, Deputy Secretary Raskin oversaw the entire Treasury Department and its various agencies and departments. Deputy Secretary Raskin is known for her tireless pursuit of innovative solutions to enhance American’s shared prosperity, the resilience of our country’s critical financial infrastructure, and the defense of consumer safeguards in the financial marketplace.
Within the United States and throughout the international community, Deputy Secretary Raskin was a champion of cybersecurity in the financial sector, helping to elevate this critical issue to C-suites and boardrooms. Her efforts, including leading the development of the G-7 Fundamental Elements of Cybersecurity for the Financial Sector, contributed to a more secure and resilient financial sector in the face of increasingly frequent and sophisticated threats.
Immediately prior to her confirmation as Deputy Secretary, Raskin served as a Governor of the Federal Reserve Board where she helped conduct the nation’s monetary policy and promote financial stability. She was confirmed to the Federal Reserve by the United State Senate on September 30, 2010 and served until March 2014. Before joining the Federal Reserve Board, Governor Raskin served as the Commissioner of Financial Regulation for the State of Maryland from 2007 to 2010. As Commissioner, she and her agency were responsible for regulating Maryland’s financial institutions, including all state-chartered depository institutions, banks, credit unions, mortgage lenders, mortgage servicers, and trust companies, among others.
Throughout her career, Governor Raskin has worked across public and private sectors in both legal and regulatory capacities. Her work has centered on financial institutions, financial market utilities, consumer protection issues, bolstered prudential standards, and resolution planning. Governor Raskin’s private sector experience includes having served as Managing Director at the Promontory Financial Group, General Counsel of the WorldWide Retail Exchange, and General Counsel of Columbia Energy Services Corporation. Earlier in her career she served as Banking Counsel for the United States Senate Committee on Banking, Housing, and Urban Affairs.
Governor Raskin has been recognized by several organizations for her public service, and has engaged with the media and myriad audiences to discuss fiscal, economic and national security issues. She has spoken for organizations and events including the National Consumer Law Center, Women in Homeland Security, the New America Foundation, the Levy Economics Institute, the National Association of Business Economics, the Private Equity Growth Capital Council, the Ditchley Foundation, the Society of Government Economists, the Mid-Winter Housing Finance Conference, the National Community Reinvestment Coalition, NeighborWorks America, several community banking groups, and numerous institutions of higher learning, among many others. Governor Raskin received her B.A. in economics from Amherst College, and she received her J.D. from Harvard Law School. She is married and has three children.
CNBC | July 22, 2020By Nicole Dienst As the Federal Reserve Bank works to shore up the U.S. economy amid an unprecedented global crisis, top institutional investors and climate advocacy groups sent Fed Chair Jerome Powell a warning this week about another global risk that has no short-term fix: the climate crisis. “There will never…
Thomson Reuters | July 16, 2020By Howard Schneider (Reuters) – A rising stock market alongside 11% unemployment has put the U.S. Federal Reserve in a quandary amid the national debate over racial and economic fairness: Is it helping fix the problems its top officials agree need fixing, or deepening divides between Black and white, and…
Australian Broadcasting Corporation | June 24, 2020 Australian Broadcasting Corporation interviews Sarah Bloom Raskin on the economic impact of the pandemic and the Fed’s response. Watch the full interview.
Join us as Commodity Futures Trading Commission (CFTC) Commissioner, Rostin Behnam, and former Deputy Treasury Secretary, Sarah Bloom Raskin, discuss the risks that climate change poses to the stability of our financial system. Since joining the CFTC, Commissioner Behnam has advocated that the CFTC utilize its authority and expertise to ensure the derivatives markets innovate…
Emerging tech–including AI, algorithmic decision making, predictive analytics, cybersurveillance, and cyberwar–is forcing a re-evaluation of the relationship between the citizen, the state, and tech corporations. The shift of power invites a robust dialogue on the ethics of the deployment of these technologies and their impact. This conference, hosted by the Kenan Institute for Ethics, will…
March 9th, 2009, marked the bottom of the worst stock market decline the United States has seen since the Great Depression. That night the Dow closed at 6,547.05, its lowest close in 12 years. The value of all U.S. stocks had dropped from a peak of $22 trillion to $9 trillion in just 17-months, a…
"This community has been for me the ideal post-Treasury, post-Federal Reserve landing pad, and my Duke colleagues have perspectives on financial regulation and cybersecurity and macroeconomic growth that freshen my own with new insights."- Sarah Bloom Raskin, 2017-20 Rubenstein Fellow