LETTER: Conservative Leaders Oppose the Nominations of Sarah Bloom Raskin and Lisa Cook

CURE joined the Conservative Action Project in signing on to a letter to U.S. Senators opposing the radical nominations of Sarah Bloom Raskin and Lisa Cook to the Federal Reserve Board of Governors. Read the full letter below.

February 9, 2022
Washington, DC

Conservatives are strongly opposed to the nominations of Sarah Bloom Raskin and Lisa Cook, both nominated by President Biden to serve on the Federal Reserve Board of Governors.

The nomination of Sarah Bloom Raskin presents troubling issues that raise questions about the nominee’s ethical fitness. Bloom Raskin, who previously served on both the Federal Reserve Board and in a senior post at the Department of Treasury, appears to have benefited financially from her positions in ways neither she nor her husband, Rep. Jamie Raskin, disclosed.

Specifically, Bloom Raskin took a position on the board of Reserve Trust, a financial technology company in the process of getting approval for a Master Account at the Federal Reserve. Bloom Raskin lobbied her connections at the Federal Reserve to help Reserve Trust get their account, while acquiring over 190,000 shares of the company.

The Master Account designation led Reserve Trust to receive more than $30 million in venture capital funds from QED investors – a fund led by Bloom Raskin’s former Treasury Department colleague, Amais Gerety. Following the infusion, Bloom Raskin cashed in her shares of Reserve Trust for $1.4 million.

This windfall was not disclosed by Rep. Jamie Raskin, who was ethically required to disclose his family’s significant interest in a private company doing business with the government, nor was it initially disclosed by Bloom Raskin.

In addition to her ethical concerns, Bloom Raskin has previously engaged in campaigns to use the Federal Reserve as a means to get around Congress in areas like climate change – specifically by using the Federal Reserve to pressure banks into choking off credit to traditional energy companies.

Dr. Lisa Cook is a professor of economics and international relations at Michigan State University and served on the Biden-Harris transition team. Concerningly, however, she also has a long history of promoting theories to remake the American economy around Cook’s belief that racism is pervasive and structural. Cook actively supports reparations as a national policy, which would tax certain Americans based solely on the color of their skin. She has also argued for the Federal Reserve to examine the black unemployment rate separate from the national unemployment rate.

Cook’s academic work reveals her belief that it is systemic racism which exclusively drives the economy. This suggests that her work on the Federal Reserve would apply Joe Biden’s divisive racial agenda to the financial sector, where she would like to see economic policy – and perhaps access to financial markets — become segregated and race-based.

This approach is starkly at odds with a country whose free markets are intended to equalize opportunities for all, not to privilege them for a few based on skin color. Cook’s outlandish theories, combined with her history of notably partisan rhetoric around issues like Black Lives Matter, police brutality, and the Republican Party– should disqualify her from any position of caretaking the American economy, but particularly from the independent and non-partisan Federal Reserve.

Both Lisa Cook and Sarah Bloom Raskin seem intent to use their positions on the Federal Reserve not for neutral economic management, but to advance overtly partisan, racist, prejudicial, and political agendas. The Federal Reserve should not be politicized. This, combined with Bloom Raskin’s ethically questionable revolving door, should disqualify both nominees from appointment to the Board of Governors. We urge the Senate to reject their nominations.

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The Honorable Edwin Meese III Attorney General President Ronald Reagan (1985-1988)	The Honorable J. Kenneth Blackwell Chairman, Conservative Action Project (CAP) Chairman, Constitutional Congress, Inc.
Star Parker Founder and President Center for Urban Renewal and Education (CURE)	Marty Dannenfelser Director of Governmental Relations Center for Urban Renewal and Education (CURE)
The Honorable Russ Vought Director Office of Management and Budget (2020-2021)	William L. Walton The Bill Walton Show Resolute Protector Foundation
L. Brent Bozell III Founder and President Media Research Center	The Honorable Morton C. Blackwell President The Leadership Institute
Myron Ebell Director, Center for Energy and Environment Competitive Enterprise Institute	The Honorable Mary Vought Executive Director Senate Conservatives Fund
The Honorable T. Kenneth Cribb, Jr. Chief Domestic Advisor President Ronald Reagan (1987-1988)	Jenny Beth Martin Chairman Tea Party Patriots Citizen Fund
Alfred S. Regnery President Republic Book Publishers	The Honorable Jim DeMint Chairman, Conservative Partnership Institute Member, US Senate (SC 2005-2013)
Ed Corrigan Vice Chairman, Conservative Action Project President & CEO, Conservative Partnership Institute	The Honorable Bob McEwen U.S. House of Representatives Former Member, Ohio
Noah Wall Executive Vice President FreedomWorks	The Honorable David McIntosh President Club for Growth
Scott T. Parkinson VP for Government Affairs Club for Growth	Tom Jones Co-Founder American Accountability Foundation
Rachel A. Bovard Senior Director of Policy Conservative Partnership Institute (CPI)	The Honorable Paul S. Teller, Ph.D. Executive Director Advancing American Freedom
David N. Bossie President Citizens United	Lori Roman President ACRU Action Fund
Terry Schilling President American Principles Project	Wesley Denton Chief Operating Officer Conservative Partnership Institute (CPI)
The Honorable Ken Cuccinelli, II Senior Fellow Center for Renewing America	Kelly J. Shackelford, Esq. President and CEO First Liberty Institute
The Honorable Becky Norton Dunlop White House Advisor President Ronald Reagan (1981-1985)	The Honorable Donald Paul Hodel U.S. Secretary of Energy (1982-1985) U.S. Secretary of Interior (1985-1989)
Lt. Gen. William G. Boykin (Ret.) Executive Vice President Family Research Council	The Honorable Brooke Rollins President and CEO America First Policy Institute (AFPI)
The Honorable Steve Stockman U.S. House of Representatives Former Member, Texas	Craig Shirley Reagan Biographer Presidential Historian
Phil Kerpen President American Commitment	The Honorable George K. Rasley Jr. Managing Editor ConservativeHQ.com
Randy M. Long Founder Long Business Advisors, LLC	Jay Mount President MDS Communications Corporation
Mario Navarro da Costa Director, Washington Bureau Tradition, Family, Property	William W. Pascoe, III Our Man in Washington Tea Party Patriots Action
Melissa Kaye Ortiz Founder & Principal, Able Americans Keynote Speaker	Tom DeWeese President American Policy Center
Paavo Ensio Chairman Universal Minerals Group	Thomas Pyle President American Energy Alliance
Melvin Adams President Noah Webster Educational Foundation	Seton Motley President Less Government
Richard Manning President Americans for Limited Government	Sal Russo Co-Founder and Chief Strategist Tea Party Express
Kevin Freeman Founder NSIC Institute	The Honorable James C. Miller III Budget Director for President Reagan, 1985-1988
C. Preston Noell III President Tradition, Family, Property, Inc.	Susan Carleson Currer Chairman & CEO Carleson Center for Welfare Reform
Lee Beaman CEO Beaman Ventures	Richard D. Hayes Partner Hayes, Berry, White & Vanzant, LLP
Richard Rounsavelle Trustee MRC	William Shaker CEO Washington Marketing Group
Robert Chambers Executive Vice President AFA Action	The Honorable Diana Denman President/ Chairman The Reagan Legacy Forum
Judson Phillips Founder Tea Party Nation	Ron Pearson Executive Director Conservative Victory Fund
Andresen Blom President Hawaiian Values	Joan Holt Lindsey President Lindsey Communications
The Honorable Peter J. Thomas Chairman Conservative Caucus	Saulius “Saul” Anuzis President 60 Plus Association
Kay R. Daly President Coalition for a Fair Judiciary	James L. Martin Founder/Chairman 60 Plus Association
The Honorable Terrence Scanlon Retired Chairman and Commissioner U.S. CPSC Pres. Reagan’s second term	The Honorable Mike Hill Former Member Florida State House
Ben Case	Shirley Lewis
Sheryl Kaufman Corporate Chief Economist, Retired Phillips Petroleum Company	Elaine Donnelly President Center for Military Readiness
Allen J. Hebert Chairman American-Chinese Fellowship of Houston	Carey Woodruff Executive Vice-President Foundation for American Christian Education
Jack Park Conservative Activist and Donor Law Offices of Jack Park	Maripat Powers Owner/Principal Eastcreek Designs, LLC
The Honorable Gary L. Bauer President American Values	Dr. Richard G. Lee President and Speaker There’s Hope America
Trent England Executive Director Save Our States	Gerard Kassar State Chairman NYS Conservative Party
Heather R. Higgins CEO Independent Women’s Voice