January, 14 2022, 09:53am EDT
Open Markets Applauds President Biden's Nomination of Former Federal Reserve Governor Sarah Bloom Raskin, Economist Lisa Cook to Open Fed Seats
Sarah Bloom Raskin and Lisa Cook would bring much-needed expertise and commitment to fighting economic inequality.
WASHINGTON
The Open Markets Institute applauds President Biden for nominating Sarah Bloom Raskin, former Deputy Treasury Secretary and Federal Reserve Governor, to be the Fed's Vice Chair for Supervision, and Dr. Lisa Cook, Michigan State University professor and leading economist, to join the Board of Governors Federal Reserve.
Dr. Cook and Bloom Raskin are strong candidates who will champion financial regulatory protections and economic equality to fill the remaining open seats on the Federal Reserve Board.
Open Markets has previously advocatedfor Biden to nominate Bloom Raskin and Cook:
- Lisa Cook is a demonstrated leader on how to tackle the racial wealth gap, protect low-wage workers, avoid dangerous financial deregulation, and address the underrepresentation of minorities in economics. As senior economist at President Obama's Council of Economic Advisers, she documented the effects of foreclosures during the Great Recession.
- Sarah Bloom Raskin brings deep regulatory expertise and a proven track record of consumer protection, as demonstrated by her tenure at the Federal Reserve, the Treasury Department, and as the chief financial regulator for the state of Maryland. She's a leading voice on the ways that climate risk imperils both financial institutions and the broader economy, and has advocated for economic recovery programs that don't further exacerbate inequality. Bloom Raskin's expertise includes on-site supervision, enforcement, and a credible and deep understanding of the financial sector. Bloom Raskin has been confirmed twice before with wide margins.
In response, Barry Lynn, executive director at Open Markets Institute, issued the following statement:
- "We are thrilled to see President Biden nominate such strong champions of financial regulatory protections and economic equality to the remaining open seats. Bloom Raskin and Dr. Cook are the kind of leaders the Federal Reserve needs to guarantee that the economic recovery works for all people."
The Open Markets Institute works to address threats to our democracy, individual liberties, and our national security from today's unprecedented levels of corporate concentration and monopoly power. By combining policy, legal, and market structure expertise with sophisticated communications and outreach efforts, Open Markets seeks not only to hold today's monopolies accountable for abuse of power, but to rebuild an economic system where progress is easier to achieve, because power is far more widely and equitably distributed
LATEST NEWS
'Nothing Is Sacrosanct': GOP Floats Social Security Cuts After Musk Capitol Hill Visit
"They're going to put everything on the table," one Republican lawmaker said of Elon Musk and Vivek Ramaswamy.
Dec 06, 2024
Republican lawmakers on Thursday signaled a willingness to target Social Security and other mandatory programs after meeting with Elon Musk and Vivek Ramaswamy, the billionaire pair President-elect Donald Trump chose to lead a new commission tasked with slashing federal spending and regulations.
Though the GOP's 2024 platform pledged to shield Social Security, the party has reverted to its long-held position in the weeks since Trump's election victory, with some lawmakers openly attacking the program while others suggest cuts more subtly by stressing the supposed need for "hard decisions" to shore up its finances. (Progressives argue Social Security's solvency can be guaranteed for decades to come by requiring the rich to contribute more to the program, a proposal Republicans oppose.)
On Thursday, Rep. Ralph Norman (R-S.C.) emerged from a meeting with Musk and Ramaswamy with the message that "nothing is sacrosanct."
"They're going to put everything on the table," said Norman, one of the wealthiest members of Congress.
After airing Norman's remarks, Fox Business reported that Musk and Ramaswamy told lawmakers that no federal program is safe from cuts, "and that includes Social Security, Medicare, and Medicaid."
Fox Business reports that cutting Social Security, Medicare, and Medicaid is "on the table" for Republicans pic.twitter.com/ETUjJHbt3h
— Aaron Rupar (@atrupar) December 5, 2024
NBC News congressional correspondent Julie Tsirkin said Thursday that after meeting with Musk, Sen. John Thune (R-S.D.)—who was recently elected Senate majority leader for the upcoming Congress—told her that "perhaps mandatory programs are areas that they're looking to make cuts in, like Social Security, for example."
"But again, no specifics were laid out there," Tsirkin added.
Thune has previously voiced support for raising Social Security's retirement age, a change that would cut benefits across the board.
🚨🚨🚨
BREAKING: After meeting with Elon Musk, Republican leader Sen. John Thune announces plans to cut Social Security
HANDS OFF OUR EARNED BENEFITS! pic.twitter.com/eTX8wpHuwr
— Social Security Works (@SSWorks) December 5, 2024
In the days leading up to their Capitol Hill visit, both Musk and Ramaswamy took swipes at Social Security, Medicare, and Medicaid and made clear the programs would be in the crosshairs of their advisory commission, which is examining ways to slash federal spending without congressional approval.
Earlier this week, Musk amplified a series of social media posts by Sen. Mike Lee (R-Utah), who once said he hopes to "get rid of" Social Security, Medicare, and Medicaid. Defenders of Social Security saw Lee's thread, and Musk's apparent endorsement of it, as a declaration of war on the New Deal program.
Days later, Ramaswamy said in an interview with CNBC that "there are hundreds of billions of dollars of savings to extract" from Social Security, Medicare, and Medicaid, claiming the programs are rife with waste, fraud, and abuse.
"People love to have lazy armchair discussions about, oh, are you going to make cuts to entitlements or not, when, in fact, the dirty little secret is that many of those entitlement dollars aren't even going to people who they were supposed to be going to in the first place," said Ramaswamy, advancing a narrative that observers warned could be used to justify additional bureaucratic barriers making it harder for eligible people to receive benefits.
Sen. Sheldon Whitehouse (D-R.I.), chairman of the Senate Budget Committee, said Thursday that the Trump-GOP agenda is "so predictable."
"Tax cuts for billionaire donors; benefit cuts for people on Social Security—how the billionaires loot our country (what, not rich enough already, fellas?)," Whitehouse wrote on social media.
In a column on Thursday, MSNBC's Ryan Teague Beckwith wrote that "Republicans somehow keep coming back to the idea of cutting Social Security" despite widespread opposition to such cuts among the American public.
"Would Trump try to cut Social Security? It's hard to say. Over the years, he has staked out every possible position on Social Security—sometimes within hours of each other," wrote Beckwith, noting that Trump previously called the program a "huge Ponzi scheme" and backed calls to raise the retirement age.
"So if Republicans—or Musk—decide to propose changes to Social Security benefits," Beckwith added, "it's possible that he might go along with it."
Keep ReadingShow Less
New Progressive Caucus Chair Ready to 'Fight Billionaires, Grifters, and Republican Frauds'
"Our caucus will make sure the Democratic Party stands up to corporate interests for working people," said Rep. Greg Casar.
Dec 05, 2024
The Congressional Progressive Caucus on Thursday elected its leaders for the next term, including Rep. Greg Casar as chair.
"The members of the Progressive Caucus know how to fight billionaires, grifters, and Republican frauds in Congress. Our caucus will make sure the Democratic Party stands up to corporate interests for working people," said Casar (D-Texas), who will replace term-limited Rep. Pramila Jayapal (D-Wash.).
"I'm honored to build on the legacy of Chair Jayapal," Casar continued. "I've fought back against extremist, egocentric autocrats in Texas for my entire adult life. The Democratic Party must directly take on Trump, and it'll be CPC members boldly leading the way and putting working people first."
Casar, who is currently the CPC whip and ran unopposed, will be joined for the 119th Congress by Reps. Ilhan Omar (D-Minn.) as deputy chair and Jesús "Chuy" García (D-Ill.) as whip.
"The Congressional Progressive Caucus has always served as an incredible vehicle for transformative change, justice, and movement building," noted Omar. "I am honored to have the support of my colleagues to serve another term as the deputy chair of the Progressive Caucus. Over the next term, we are going to fight to build an inclusive movement that meets the moment."
García said that "I am proud to join incoming Chair Casar, Deputy Chair Omar, and all members of the newly elected executive board as we prepare for the 119th Congress—in which I believe the role the CPC plays will be more critical than ever."
"We are a caucus that gives platform to ideas deeply popular across the political spectrum, and a caucus that builds diverse coalitions to get things done," he continued. "I look forward to working with my colleagues in Congress and partners across the country who believe in people-centered policies rooted in equity and justice for all."
The CPC, first led by Sen. Bernie Sanders (I-Vt.) in 1991, when he was still in the U.S. House of Representatives, has nearly 100 members. The new caucus leaders are set to begin their terms on January 3 and will face not only a Republican-controlled House and Senate, but also U.S. President-elect Donald Trump, who is set to be sworn in on January 20.
"It is my great honor to pass the torch to the next class of elected leadership of the Progressive Caucus: My dear friends and trusted colleagues Reps. Greg Casar, Ilhan Omar, and Chuy García," said Jayapal.
"I was proud to establish term limits when I became chair in 2018, and have full confidence in the abilities of our new class to lead this caucus in the fight against the worst of the incoming Trump administration while rebuilding our party with a focus on economic justice for working people," she added. "I will be cheering these three new leaders and our new vice chairs at every turn as chair emerita come next year, and my heart is very full knowing we will have them at the helm of the CPC."
Speaking with NBC News on Wednesday, 35-year-old Casar said that "the progressive movement needs to change. We need to re-emphasize core economic issues every time some of these cultural war issues are brought up."
"So when we hear Republicans attacking queer Americans again, I think the progressive response needs to be that a trans person didn't deny your health insurance claim, a big corporation did—with Republican help," he explained. "We need to connect the dots for people that the Republican Party obsession with these culture war issues is driven by Republicans' desire to distract voters and have them look away while Republicans pick their pocket."
According to NBC:
That means the Democratic Party needs to "shed off some of its more corporate elements," to sharpen the economic-populist contrast with Republicans and not let voters equate the two parties, he said. He predicted Trump and the Republican-led Congress will offer plenty of opportunities to drive that distinction, including when it pursues an extension of tax cuts for upper earners.
"The core of the Republican Party is about helping Wall Street and billionaires. And I think we have to call out the game," Casar said. "The Democratic Party, at its best, can hold people or can have inside of its tent people across geography, across race and across ideology. Because we're all in the same boat when it comes to making sure that you can retire with dignity, that your kids can go to school, that you can buy a house."
Others—including Sanders, who sought the Democratic nomination for president in 2016 and 2020—have issued similar calls since Democrats lost the White House and Senate in last month's elections.
"In the recent elections, just 150 billionaire families spent nearly $2 billion to get their candidates elected," Sanders said Saturday. "Our job in the coming months and years is clear. We must defeat the oligarchs and create an economy and government that works for all, not just the few."
On Thursday, both Sanders and Jayapal, who have led the congressional fight for Medicare for All, reiterated calls for a single-payer healthcare program in response to a social media post by Elon Musk, who is set to co-lead Trump's forthcoming Department of Government Efficiency with fellow billionaire Vivek Ramaswamy.
Keep ReadingShow Less
Billionaire Jeff Bezos Wants to 'Help' Trump Gut Regulations
"Shockingly another one of the richest guys on Earth wants to defund our government and scrap regulations."
Dec 05, 2024
Billionaire Amazon founder Jeff Bezos on Wednesday expressed his optimism about U.S. President-elect Donald Trump's next term and suggested he would "help" the Republican gut regulations.
"If we're talking about Trump, I think it's very interesting, I'm actually very optimistic this time around... I'm very hopeful about this—he seems to have a lot of energy around reducing regulation," Bezos told The New York Times' Andrew Ross Sorkin during the newspaper's DealBook Summit.
"And my point of view, if I can help him do that, I'm gonna help him, because we do have too much regulation in this country. This country is so set up to grow," he continued, suggesting that regulatory cuts would solve the nation's economic problems.
After complaining about the burden of regulations, Bezos added, "I'm very optimistic that President Trump is serious about this regulatory agenda and I think he has a good chance of succeeding."
The comments came during a discussion about Bezos' ownership of The Washington Post, which also addressed the billionaire's recent controversial decisions to block the newspaper's drafted endorsement of Democratic Vice President Kamala Harris and have it stop endorsing presidential candidates.
Bezos said Wednesday that he is "very proud" of the move, that the Post "is going to continue to cover all presidents very aggressively," and the decision did not result from fears about Trump targeting his companies.
As Inc.reported Thursday: "Trump had railed against Bezos and his companies, including Amazon and The Washington Post, during his first term. In 2019, Amazon argued in a court case that Trump's bias against the company harmed its chances of winning a $10 billion Pentagon contract. The Biden administration later pursued a contract with both Amazon and Microsoft."
Bezos owns Blue Origin, an aerospace company and a competitor to Elon Musk's SpaceX. Musk—the world's richest person, followed by Bezos, according to the Bloomberg and Forbes trackers—has been appointed to lead Trump's forthcoming Department of Government Efficiency (DOGE) with fellow billionaire Vivek Ramaswamy.
Bezos' remarks at the Times summit led Fortune's Brooke Seipel to suggest that he may be the next billionaire to join DOGE.
Musk and Ramaswamy headed to Capitol Hill on Thursday to speak with GOP lawmakers about their plans for the government.
"Despite its name, the Department of Government Efficiency is neither a department nor part of the government, which frees Musk and Ramaswamy from having to go through the typical ethics and background checks required for federal employment," The Associated Pressnoted. "They said they will not be paid for their work."
Keep ReadingShow Less
Most Popular