Sarah Bloom Raskin, Joe Biden’s top pick for the Federal Reserve’s financial regulation vice-chairmanship has withdrawn from consideration after her nomination was opposed by numerous senators from both major parties for her past partisanship. Colby Smith reports in the Financial Times:
Joe Biden’s pick to lead financial regulation at the Federal Reserve withdrew her nomination on Tuesday, after the centrist Democrat Joe Manchin joined Republicans in opposing her confirmation.
In a letter to the US president first reported by The New Yorker, Sarah Bloom Raskin, a former Fed board member who previously served as deputy secretary of the US Treasury, blamed “relentless attacks by special interests” for her decision.
Republicans on the powerful Senate banking committee, which initiates the Fed’s confirmation process, had launched a campaign to block her advancement to become the Fed’s vice-chair for supervision after taking issue with her calls for regulators to more proactively address financial risks related to climate change.
Earlier this month, conservative committee members refused to provide the support necessary to proceed with not only Raskin’s confirmation, but also the White House’s four other nominees for top jobs at the central bank, including Jay Powell, who is poised to take on a second term as chair.
Their efforts were aided on Monday by Joe Manchin, the Democratic senator from West Virginia, who said he would not support Raskin’s nomination.
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