- Sarah Bloom Raskin, Biden’s top pick for a key Fed role, withdrew her nomination Tuesday, The New Yorker reported.
- Raskin was picked to serve as the next vice chair for supervision and oversee banking regulation.
- Yet opposition from Senate Republicans and Joe Manchin tanked her chances at being confirmed.
Sarah Bloom Raskin, the Biden administration’s top pick to serve as the next top banking regulator at the
Federal Reserve
, has withdrawn her nomination for the position, according to a report from The New Yorker.
Raskin reportedly sent a letter to President Joe Biden on Tuesday pulling herself out of the confirmation process. Biden nominated her to serve as the Fed’s next vice chair for supervision in January, teeing Raskin up to serve as one of the financial sector’s top regulators.
The months since have seen the Senate GOP fervently oppose her confirmation. Republicans have pointed to Raskin’s previous comments around climate policy, arguing she would bring dangerous partisanship to the central bank’s governing board.
Raskin said in September that regulators should question how laws can be used “to incentivize a rapid, orderly, and just transition” from fossil fuels and other high-emission investments. Those comments raised fears among Republicans that Raskin would lead the Fed to intervene in lending practices to certain energy companies.
Republicans in the Senate Banking Committee blockaded the confirmation process for weeks by preventing her confirmation from leaving committee and moving to a Senate vote. Yet hopes for an eventual confirmation faded on Monday after Sen. Joe Manchin of West Virginia came out against Raskin’s nomination. Raskin “failed to satisfactorily address my concerns,” Manchin said, adding it’s “imperative” that the Fed avoid “any hint of partisanship.”
“The time has come for the Federal Reserve Board to return to its defining principles and dual mandate of controlling inflation by ensuring stable prices and maximum employment,” Manchin said in a statement. “I will not support any future nominee that does not respect these critical priorities.”
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