The Hon. Sarah Bloom Raskin ’83 was appointed to the Board of Trustees in 2017. She is the former Deputy Secretary of the U.S. Department of the Treasury. Making history as the highest-ranking woman in the history of the Treasury Department, Raskin was appointed by President Obama and confirmed by the U.S. Senate on March 12, 2014. As the department’s second-in-command, she was responsible for all the domestic and global policy and operations at Treasury and its bureaus, including the Bureau of Engraving and Printing, the United States Mint, the Internal Revenue Service, and the Comptroller of the Currency, as well as the main policy-making arms at Treasury including what are referred to as Domestic Finance, International Affairs, Tax Policy, Economic Analysis, and Terrorism and Financial Intelligence. As Deputy Secretary, Raskin chaired the Committee on Foreign Investment in the United States. She was also vice chair of the Millennium Challenge Corp. and was ex officio to the board of directors of the National Gallery of Art.
Prior to her confirmation as Deputy Secretary, Raskin served as a Governor of the Federal Reserve Board. For this position, she was appointed by President Obama and confirmed by the U.S. Senate on Sept. 30, 2010. As a Governor of the Federal Reserve Board, Raskin conducted the nation’s monetary policy as a member of the Federal Open Market Committee, regulated banking institutions, monitored threats to financial stability and oversaw the nation’s payment systems. In addition, she chaired the Committee on Federal Reserve Board Affairs as the board’s Administrative Governor and chaired the Board of Neighborworks, Inc.
Before joining the Federal Reserve Board, Raskin served as the Commissioner of Financial Regulation for the State of Maryland from 2007 to 2009. As Commissioner, she and her agency were responsible for regulating Maryland’s financial institutions, including all state-chartered depository institutions, banks, credit unions, mortgage lenders, mortgage services and trust companies.
Raskin’s private sector and senior executive experiences include having served as Managing Director at the Promontory Financial Group in Washington, D.C. and Paris; General Counsel of the WorldWide Retail Exchange; and General Counsel of Columbia Energy Services Corp. Earlier in her career, she served as Banking Counsel to the U.S. Senate Committee on Banking, Housing and Urban Affairs.
At Treasury, Raskin led the U.S. efforts to address the national security and financial stability challenges related to cyber-security in the financial sector. During her Treasury tenure, she launched the Senior Leaders Financial and Banking Information Infrastructure Committee in order to enhance coordination and information sharing among financial and market regulators, financial firms, law enforcement and the intelligence community. She has been called a powerful force in her leadership of cybersecurity, during a time in which cyberattacks have become a significant emerging risk to financial stability and national security. Internationally, she created an unprecedented collaboration among the G7 countries’ finance ministries and central banks—the G7 Cybersecurity Working Group—which resulted in the development of an international agreement titled the “G7 Fundamental Elements of Cybersecurity for the Financial Sector.” In all of her cybersecurity work, Deputy Secretary Raskin’s efforts have positioned the United States to be the world’s leader and model for how to construct a more resilient financial infrastructure.
More generally, Deputy Secretary Raskin has been acknowledged as a person who has used her time in public service to pursue innovative solutions to enhance American's shared prosperity, the resilience of our country's critical financial infrastructure, and the defense of consumer and borrower safeguards in the financial marketplace.
Raskin received her B.A. in economics magna cum laude and her J.D. from Harvard Law School. She is married to Rep. Jamie Raskin (Harvard College, ’83, Harvard Law School, ’87) and has three children.