The Fed’s vice chair claims that supervisors repeatedly identified risks to the failed bank, leading to accusations by lawmakers that the problems had not been escalated fast enough.
The move will not lead to losses by American taxpayers and all depositors, including those whose funds exceed the maximum government-insured level, will be made whole.
The growing restrictions show how America's culture wars are creating new risks for U.S. companies, forcing them to balance pressure from workers and investors.
Raskin's decision to withdraw her nomination came a day after centrist Democratic Sen. Joe Manchin said he would not support her for the powerful role of overseeing Wall Street banks.
