(NewsReady.com) – Sarah Bloom Raskin, President Joe Biden’s nominee for the Federal Reserve Board of Governors, faced an uphill battle to win the number of US senators necessary to confirm her appointment. After learning that Senator Joe Manchin (D-WV) would split from his party and oppose her confirmation, Raskin chose to withdraw her name from contention.
BREAKING: Sarah Bloom Raskin has withdrawn her nomination for Federal Reserve, sources tell me.
— Jennifer Jacobs (@JenniferJJacobs) March 15, 2022
Biden and his team were unable to persuade even a single Republican that Raskin wouldn’t use her power as the central bank’s leading authority to move funds and make decisions without bias. Raskin is a huge fan of green energy, and Republicans feared she would be unwilling to budge or compromise if oil or other energy companies came into her fold and pushed banks away from lending to them.
Drawing criticism from his party, Manchin couldn’t be convinced that Raskin’s views on climate change would allow her to adopt policies inclusive of the energy sector. Biden criticized Republicans as well as Manchin for the move, accusing the GOP of purposely blocking confirmations for political purposes. Banking Committee Republicans have boycotted any votes while Rankin was on the roster, but will now be open to looking into other candidates, including another term for Jerome Powell.
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