Federal Reserve Board Governor
Sarah Bloom Raskin Speaks at Center for Financial Policy Event in D.C.
The Center for Financial Policy at the University of Maryland’s Robert H.
Smith School of Business opened a discussion on the bleak U.S. economic outlook
and jobs market with a speech from Federal Reserve Board Governor Sarah Bloom
Raskin, Sept. 26, 2011 at the Ronald Reagan Building and International Trade
Center in Washington, D.C. The event was part of the center’s distinguished
speaker series and drew government and business leaders, along with students and
members of media to explore the timely topic. It came just days after the
Federal Reserve announced controversial plans to reconfigure its securities
holdings to reduce long-term interest rates.
Gov. Raskin discussed the impact of monetary policy on unemployment in the
United States. She addressed the current condition of the economy and
recapitulated the actions that the Fed has taken in the past three years to
improve employment prospects for the nation’s job seekers, including the
marginally employed, underemployed and discouraged. In her remarks, she
took time to address factors that attenuate the effectiveness of monetary
policy, including, the excess supply of housing and impaired credit to
households and small businesses.
Eschewing the dichotomy of “hawks” or “doves” Raskin encouraged the role of
the “owl” that is willing to consider deploying tools as broadly as possible to
fulfill their legal mandates.
Raskin also answered questions about foreclosure law, and expectations for
the implementation of Dodd-Frank in a Q&A session moderated by
Dr. Lemma Sembet,
William E. Mayer Chair Professor of Finance and director of the Center for
The event was covered by
Bloomberg Businessweek and the
Wall Street Journal, among others, and may be viewed in its entirety on
About Sarah Bloom Raskin
Prior to her appointment to the Board in Oct. 4, 2010, Raskin served as
Commissioner of Financial Regulation for the State of Maryland. Prior to serving
as commissioner, she was managing director at the Promontory Financial Group.
She also served as the Banking Counsel for the U.S. Senate Committee on Banking,
Housing, and Urban Affairs. She received her B.A. in economics (magna cum laude)
from Amherst College and her J.D. from Harvard Law School.
About The Center for Financial Policy, Robert H. Smith
School of Business, University of Maryland
The Center for Financial Policy leverages the Smith School’s world renowned
faculty to lead research in a collaborative exchange of ideas and solutions on
critical policy issues between business, government, and academia, while working
to enhance and broaden the exposure of the next generation of business and
government leaders to leading academics and practitioners in financial policy.
For more on the center, please visit the
Smith MBA Candidate 2012, Smith Media Group
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