Sarah Bloom Raskin withdraws her candidacy for Federal Reserve board
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Sarah Bloom Raskin, who was nominated for vice chairman of supervision and is a member of Federal Reserve Board of Governors, spoke before the confirmation hearing of Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, Washington, D.C., U.S.A, February 3, 2022.
Ken Cedeno | Reuters
Sarah Bloom RaskinThe embattled nomination of President Joe Biden to the Federal Reserve on Tuesday withdrew their candidacy. It ended weeks-long partisan fighting over her views about climate policy.
She resigned one day after Senator Joe Manchin (a West Virginia conservative Democrat) said he had. could not support her nomination. In a Senate divided 50-50, his defection would have rendered her confirmation almost impossible.
Biden had picked Raskin — a former Fed governor and deputy Treasury secretary — to be the Fed’s next vice chair for supervision, one of globe’s most powerful banking regulators.
Her candidacy was criticized by Republicans in February, when they made clear that she had previously criticised the U.S. fossil fuel sector and that her research on bank lending to major coal, oil and gas producers were not acceptable.
The GOP’s opposition grew into a complete boycott of all the Fed nominees. Democrats demanded that all the Biden Administration’s candidates be approved at one hearing. Republicans led by Senator Pat Toomey from Pennsylvania effectively deny Democrats the quorum necessary to hold a valid vote.
If any Republican had agreed to go to a vote even though they voted against Raskin’s nominations, it would have allowed them to all advance from the Banking Committee. Raskin was ultimately defeated by opposition within Biden’s party.
Manchin released a Monday statement stating that “her previous public statements failed to satisfactorily address me concerns about the crucial importance of financing an All-of-the Above energy policy in order to meet our nation’s critical energy requirements.”
CNBC asked the White House for comment Monday. The White House did not respond immediately to CNBC’s request. It stated that Raskin was the target of intense attacks from insiders and those who have ties to the oil industry.
“Sarah Bloom Raskin is one of the most qualified people to have ever been nominated for the Federal Reserve Board of Governors,” a White House spokesperson told CNBC at the time. “She won wide support even in face of an absurd, baseless campaign that was led by oil companies and aimed to undermine her career.”
This is a developing story. Keep checking back for more updates.
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