Biden nominee scrutinized over work with fintech company that got prized Fed account

Sarah Bloom Raskin, President Joe Biden’s pick for a top Federal Reserve role, is facing scrutiny over her role at a financial technology company and her husband’s violation of stock disclosure rules.

The fintech company in question is Colorado-based Reserve Trust, which is apparently the only nonbank fintech business in the country that has been able to secure a Fed master account, although many have sought one. Raskin was serving on Reserve Trust’s board of directors at the time and received shares of the company for the role, which she offloaded in 2020 for $1.5 million.