The document listed the transaction date as Dec. Jamie Raskin filed a periodic transaction report with the House clerk in August reporting the sale of 195,936 shares of Reserve Trust at $7.50 a share. Seven GOP senators, including Toomey, voted to convict Trump. Jamie Raskin (D-Md.), one of the impeachment managers during former President Trump’s second impeachment trial. Toomey, noting that Reserve Trust got the master account while Raskin was a highly compensated director, said “there are going to be lots of questions about that.”
Raskin, who as Fed vice chair of supervision would be the nation’s most powerful banking regulator, received nearly 200,000 shares of Reserve Trust stock while at the company that she sold at some point in 2020 for $1.5 million. Raskin’s compensation while at Reserve Trust, which falls under the Fed’s oversight, is also likely to come up. Pat Toomey (Pa.), the ranking Republican on the Senate Banking Committee. “The only question is, why is there only one? There have been other applicants who haven’t been able to get an answer,” said Sen. Other non-bank financial institutions have to partner with banks insured by the Federal Deposit Insurance Corp. It got the account while Raskin was serving as the company’s director.Īccess to the Fed’s payments system is a major advantage for financial institutions because it allows them to earn interest from deposits parked at the Fed and eases the ability to transfer large sums of money. Reserve Trust, a Colorado chartered trust company, is the only non-bank fintech company to have a Fed master account. Sarah Bloom Raskin, President Biden’s nominee to serve as vice chair of supervision at the Federal Reserve, is expected to get some tough questions at a Thursday confirmation hearing over her work for Reserve Trust, a non-bank financial technology company that received special access to the Fed’s payments system while she was serving as a director.
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