U.S. Senate confirms Wall Street critic as Treasury No. 2

Reuters News
Posted: Mar 12, 2014 12:18 PM

WASHINGTON (Reuters) - The U.S. Senate on Wednesday approved Federal Reserve Governor Sarah Bloom Raskin to be the No. 2 official at the Treasury Department, backing a critic of Wall Street to help coordinate an overhaul of financial regulations.

The Senate approved the nomination by voice vote.

Raskin, who was a state banking supervisor before she joined the Fed, is expected to play a central role in the roll-out of regulations aimed at preventing a repeat of the 2007-09 financial crisis.

Her departure from the central bank opens yet another seat on the Fed's board for President Barack Obama to fill. Obama on January 10 nominated former Bank of Israel Governor Stanley Fischer to serve as vice chairman and two others for regular board seats.

(Reporting by Jason Lange and Rick Cowan; Editing by Sandra Maler)