Raskin Withdraws Fed Nomination

Sarah Bloom Raskin, President Biden’s nominee to serve as the next vice chairwoman for supervision at the Federal Reserve, withdrew her nomination today after failing to secure support from several key lawmakers, including Sen. Joe Manchin (D-W.Va.). According to news reports, Raskin was not expected to receive support from any GOP senators, which meant that in the evenly divided Senate, Manchin’s opposition would have prevented her confirmation.

During her confirmation hearing in the Senate Banking Committee, Raskin faced tough questions about her previous writings and speeches in which she seemed to support using the regulatory apparatus to redirect investment away from industries that, in her view, are contributing to climate change.

There are still four pending Fed nominees waiting to be confirmed by the committee, including sitting governors Jerome Powell, who has been nominated to serve a second term as Fed chairman, and Lael Brainard, who has been nominated to serve as vice chairwoman, as well as Lisa Cook and Philip Jefferson, who were nominated to serve as governors.

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