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U.S. Sen. Manchin wants Fed nominee vote to go ahead, without Raskin -Breaking


© Reuters. Sarah Bloom Raskin, vice chairman of supervision and member of the Federal Reserve Board of Governors, addresses a Senate Banking, Housing and Urban Affairs Committee confirmation meeting on Capitol Hill, Washington, D.C., U.S., F

(Reuters) – U.S. Senator Joe Manchin is asking his Senate Banking colleagues to support four of President Joe Biden’s nominees for the Federal Reserve. He also wants Sarah Bloom Raskin to be dropped. Politico reported Thursday.

Republicans stopped a vote last month on the Fed’s full slate of candidates over objections to Raskin – a former Fed governor who was Biden’s pick for vice chairman for supervision –

They are concerned that Raskin might use her position as a director to make it more difficult for oil companies to get credit and police climate change. She was also questioned about 2017’s actions as director of a financial company.

According to Senator Pat Toomey (the panel’s highest Republican), he will support voting on the remaining four nominees but not Raskin.

“If they’re willing to move four out of five? Accept it, and then run with it. It’s a win,” Manchin told Politico. Although Manchin does not serve on the Senate Banking Committee but he is an important vote in an evenly divided Senate.

Sherrod brown, the chair of this panel, insists on the fact that five are still a complete package.

Jerome Powell (Fed chief) was nominated. He has bipartisan support and was previously renominated for a fourth term.

He is likely to announce next week the first in a string of rate increases to combat high inflation.

A report released early Thursday indicated that consumer prices increased 7.9% last month. This is despite Russia’s invading Ukraine increasing the oil price and other commodities.

Brown spokeswoman said that “newly released economic data clearly shows it: Republicans must do their jobs, vote on these crucial nominees, so we can address inflation and our global economic uncertainty.”

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