Sarah Bloom Raskin, President Joe Biden’s pick for a key Federal Reserve position, withdrew her nomination Tuesday after receiving bipartisan pushback.
Raskin’s nomination faced fierce opposition by Republican lawmakers and industry groups that argued her previous positions on a range of topics including climate policy disqualified her for the job. Republicans on the Senate Banking Committee led by Ranking Member Pat Toomey have boycotted a vote to pass her nomination and four other nominations to the Senate for a floor vote since February.
“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 in a statement Tuesday. “I am grateful for Sarah’s service to our country and for her willingness to serve again, and I look forward to her future contributions to our country.”
Democrat Sen. Joe Manchin said Monday that he will not support the nomination of Sarah Bloom Raskin to become the Federal Reserve’s top banking regulator, placing a major obstacle in her path to Senate confirmation.
In February, Republicans on the Senate Banking Committee uniformly opposed Raskin’s nomination by refusing to attend a committee vote to advance her position. The no-show act also created a blockade to the nominations of several other Fed nominees, including Chairman Jerome Powell.
Raskin to be confirmed needs 51 yes votes – a simple majority – in a final Senate vote.
Who among us hasn’t made $1.5 million for sitting on an advisory board for two years? Not you? Come to think of it, me neither. Such money comes only to the well connected.
And “connected” is a good word to use in regard to Sarah Bloom Raskin, nominated last month by President Joe Biden to be Vice Chair for Supervision at the Federal Reserve System. Previously, from 2010 to 2014, she served as a Governor of the Fed, and then, from 2014 to 2017, she worked as Barack Obama’s Deputy Secretary of the Treasury.
A large coalition of state financial officers announced their opposition to one of President Joe Biden’s top nominees for the Federal Reserve over her “radical” policy positions.
Sarah Bloom Raskin would put U.S. financial and economic stability at risk to achieve her “preferred social outcomes” if confirmed, the top financial officers of 25 states wrote to Biden in a letter Monday. Raskin, the former deputy secretary of the Treasury Department during the Obama administration, has taken particular aim at addressing climate change through aggressive financial policies.
“As State Treasurers, Auditors, and financial officers, we write to express our strong disapproval of Sarah Bloom Raskin as your choice for Vice-Chair for Supervision at the Federal Reserve Bank. We urge you to withdraw her nomination,” the letter stated.