![]() ![]() In her Tuesday letter, Raskin defended her position that the Fed should consider the risks of climate change when overseeing financial institutions. Manchin, who leads the Senate Energy & Natural Resources Committee and has ties to the coal industry, said he was not satisfied that Raskin’s position was compatible with “financing an all-of-the-above energy policy to meet our nation’s critical energy needs.”īiden did not mention Manchin in his statement. In the evenly divided Senate, Manchin’s vote is needed when Republicans unite in opposition. Joe Manchin III, a conservative Democrat from West Virginia, opposing Raskin that likely sealed the nominee’s fate. “Unfortunately, Senate Republicans are more focused on amplifying these false claims and protecting special interests than taking important steps toward addressing inflation and lowering costs for the American people.”īut it was the Monday statement of Sen. “Sarah was subject to baseless attacks from industry and conservative interest groups,” Biden said. In a White House statement, Biden also blasted Senate Republicans for tanking a nominee with “unparalleled experience” and two prior Senate confirmations. Biden had nominated her to be the Fed’s vice chair for supervision, the top banking regulator on the board. The Senate confirmed Raskin without controversy in 2010 for a seat on the Fed board and in 2014 to be the second-in-command at the U.S. In her letter, Raskin laid much of the blame on the Republican senators who boycotted her committee vote, and decried the “polarized condition” of the Senate process. Raskin and four other Fed nominees had been held up for weeks by Republicans on the Senate Banking Committee, all of whom refused to meet to consider the nominations and deprived the panel of the quorum needed to vote on them. The withdrawal was first reported by The New Yorker, which also published the letter. In a three-page letter to President Biden, Raskin, a Duke University law professor whom the Senate confirmed to two earlier financial regulatory positions in 20, said she was withdrawing to allow for votes to go forward on a slate of four other nominees to the board overseeing the U.S. Sarah Bloom Raskin of Maryland withdrew her nomination to the Federal Reserve Board on Tuesday, the day after a key coal-state Democrat announced he would vote against her due to her views on climate change. Marylander Sarah Bloom Raskin on Tuesday withdrew her nomination to be vice chair for supervision and a member of the Federal Reserve Board of Governors after encountering intractable political resistance.
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