GOP Senator Questions Payout to Biden Nominee

Sen. Cynthia Lummis (R-WY) challenged Sarah Bloom Raskin, President Biden’s nominee to serve as the Federal Reserve’s vice chair for supervision, over the role she played in helping Reserve Trust, a little-known fintech company, get special access to the Fed’s payments system, The Hill reports.

Lummis said Raskin’s receipt of nearly 200,000 shares of stock worth nearly $1.5 million from a company that got special access to the Fed’s payments system “doesn’t smell right.”