![]() “Unfortunately, Senate Republicans are more focused on amplifying these false claims and protecting special interests than taking important steps toward addressing inflation and lowering costs for the American people,” Biden said. “Despite her readiness - and despite having been confirmed by the Senate with broad, bipartisan support twice in the past - Sarah was subject to baseless attacks from industry and conservative interest groups,” he continued. “That experience and support are among the many reasons why I nominated Sarah to be the vice chair for supervision, a critical role in regulating our nation’s financial institutions. Joe Manchin announced Monday that he opposed Raskin’s confirmation, and all Republicans in the evenly. “Sarah’s nomination had broad support - from the banking and financial services community, former members of the Board of Governors, multiple Nobel Prize winners, consumer advocates and respected economists from around the country,” the president said. WASHINGTON (AP) Sarah Bloom Raskin withdrew her nomination Tuesday to a position on the Federal Reserve’s Board of Governors after a key Democrat had joined with all Senate Republicans to oppose her confirmation. Joe Manchin, D-W.Va., said Monday that he is 'unable' to support President Joe Bidens nomination of Sarah Bloom Raskin for the Federal Reserve Board. President Joe Biden, who nominated Raskin in January, said she had “unparalleled experience pursuing solutions” in areas like cybersecurity, climate change and consumer protection. Joe Manchin III (D-W.Va.) announced his opposition, because she failed to satisfactorily address my concerns about the critical importance. ![]() “It is not surprising there is bipartisan Senate opposition to such a radical nominee,” he added.ĭemocrats, as well as many banking executives, argued that Raskin’s views aren’t out of the mainstream and said she simply wants the Fed to consider the risks that climate change poses to banks, insurance companies and other financial firms. Raskin withdrew her candidacy on Tuesday, after Sen. Sarah Bloom Raskin’s nomination to be Federal Reserve vice chair of supervision has taken another hit as key Senate Democrat Joe Manchin suggests President Joe Biden’s other four central bank. Raskin would have been a vice chair who sought to raise gas prices, raise home heating costs and undermine the very institution of the Federal Reserve in the process. “President Biden was literally asking for senators to support a central banker who wanted to usurp the Senate’s policymaking power for herself,” he continued. Joe Manchin says hes opposed to the nomination of Sarah Bloom Raskin for a top regulatory post at the Federal Reserve, likely spelling defeat for her confirmation in the closely divided Senate.
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