9/10/2023 0 Comments Sarah bloom raskin letter![]() "The time has come for the Federal Reserve Board to return to its defining principles and dual mandate of controlling inflation by ensuring stable prices and maximum employment," Manchin said in a statement. Raskin "failed to satisfactorily address my concerns," Manchin said, adding it's "imperative" that the Fed avoid "any hint of partisanship." Joe Manchin of West Virginia came out against Raskin's nomination. Yet hopes for an eventual confirmation faded on Monday after Sen. Republicans in the Senate Banking Committee blockaded the confirmation process for weeks by preventing her confirmation from leaving committee and moving to a Senate vote. "They have blocked and eminently qualified woman because she has the courage to talk about the risks that climate change pose says to our financial system." Elizabeth Warren of Massachusetts told reporters. "We have just seen a very public demonstration of the power of the oil lobby," Sen. "Sadly, the American people will be denied a thoughtful, experienced public servant who was ready to fight inflation, stand up to Wall Street and corporate special interests, and protect our economy from foreign cyber attacks and climate change," Brown said. Brown thanked Raskin for her service in prior public roles and pushed back against Republicans opposing her nomination. Senate Banking Committee Chair Sherrod Brown confirmed her withdrawal in a Tuesday comment. ![]() Those comments raised fears among Republicans that Raskin would lead the Fed to intervene in lending practices to certain energy companies. Raskin said in September that regulators should question how laws can be used "to incentivize a rapid, orderly, and just transition" from fossil fuels and other high-emission investments. Republicans have pointed to Raskin's previous comments around climate policy, arguing she would bring dangerous partisanship to the central bank's governing board. The months since have seen the Senate GOP fervently oppose her confirmation. Biden nominated her to serve as the Fed's next vice chair for supervision in January, teeing Raskin up to serve as one of the financial sector's top regulators. Raskin sent a letter to President Joe Biden on Tuesday pulling herself out of the confirmation process, The New Yorker reported Tuesday. ![]() Sarah Bloom Raskin, the Biden administration's top pick to serve as the next top banking regulator at the Federal Reserve, has withdrawn her nomination for the position. Account icon An icon in the shape of a person's head and shoulders. ![]()
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