State Treasurer Dennis Milligan Opposes Federal Reserve Nominee Raskin

Joins coalition of 24 state financial officers in letter to Biden

Jan. 31, 2022 (Little Rock, Ark.) – Treasurer of State Dennis Milligan joined financial leaders from around the country on Monday in calling on President Joe Biden to withdraw his nomination of Sarah Bloom Raskin from the Federal Reserve Bank. Biden has nominated her to serve as Vice Chair for Supervision.

“I’m troubled by the president’s nomination of Raskin to this leadership position at the Federal Reserve,” Milligan said. “Her ideology of putting social issues above the duties of the job makes me fearful of her serving in such a powerful position. The Fed guides the country’s economy and I’m suspicious of her philosophies of, in her own words, ‘reimagining’ the economy.”

Milligan joins 23 state treasurers, auditors and other state financial leaders in his opposition in a letter authored by the State Financial Officers Foundation.

The letter, released today, expresses additional concerns about Raskin’s belief that financial institutions’ policies should align with clean energy companies – another viewpoint Milligan opposes.

“This liberal idea that banks should move away from funding organizations that invest in reliable energy sources is partisan and has no place in the free market,” Milligan said.

To read the letter in its entirety, please visit www.artreasury.gov/letter.

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Dennis Milligan was elected Treasurer of State in 2014 and re-elected in 2018. The State Treasury is responsible for overseeing the state’s $5 billion portfolio. Since taking office in 2015, Milligan has receipted the state more than $442 million in investment returns and has grown the investment portfolio’s receipts to record highs. www.artreasury.gov.