Within the past year, Manchin has received donations from Ryan Lance, CEO of ConocoPhillips, Vicki Hollub, CEO of Occidental Petroleum, and R. Many of Manchin's top donors include executives in the coal, oil and gas industries. I will not support any future nominee that does not respect these critical priorities." "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. "The Federal Reserve Board is not an institution that should politicize its critical decisions," Manchin said. Manchin's statement Monday suggested that he doesn't believe Raskin, who has previously called for stronger climate policies and critiqued the energy sector, could serve on the Fed without politicizing her decisions. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower ET: This story was updated with additional information and background.Best Debt Consolidation Loans for Bad Credit Many viewed her as a controversial choice, particularly because of her combative tweets against Republican lawmakers and Democratic Senator Bernie Sanders. Neera Tanden, whom Biden had nominated to become director of the Office of Management and Budget, withdrew her candidacy in March 2021.
This is not the first time scrutiny of a Biden nominee has led to a withdrawn nomination. "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," he added. "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," the statement said. In a statement on Raskin's withdrawal, Biden said that she was an eminently qualified candidate with broad support and experience. He added, "We are working to line up the bipartisan support that she deserves, so that she can be confirmed by the Senate for this important position." White House deputy press secretary Chris Meagher tweeted Monday that Raskin "is one of the most qualified people to have ever been nominated for the Federal Reserve Board of Governors–she previously served on the Board and she served as second-in-command at Treasury, both positions where she earned bipartisan Senate confirmation." In a similar statement Monday, Manchin said that he was "unable" to support Raskin's nomination and that her "previous public statements have failed to satisfactorily address my concerns about the critical importance of financing an all-of-the-above energy policy to meet our nation's critical energy needs." The senator represents West Virginia, where the coal industry has a major presence.ĭespite losing Manchin's critical vote, the Biden administration appeared committed to doing all it could to get her confirmed. Above, Raskin speaks before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on February 3. Sarah Bloom Raskin withdrew her candidacy Tuesday to become the Federal Reserve's next vice chair for supervision, CNBC reported.
Pennsylvania Senator Pat Toomey tweeted Monday that Raskin's "past advocacy for having the Federal Reserve allocate capital and discriminate against traditional energy companies would not only politicize the Fed, but weaken economic growth at a crucial moment in history." Republican objections to her stance caused a delay in her confirmation vote. She has said she would use her role to urge banks to not lend to fossil fuel companies. Raskin, a former deputy Treasury secretary and member of the Federal Reserve's Board of Governors, had promised to take a tougher stance on climate change through regulation.
Her prospects of being confirmed in the evenly divided Senate grew dim Monday when Democratic Senator Joe Manchin said he would not vote for her nomination. Raskin was nominated for the position by President Joe Biden, but she got pushback from Republicans over her statements on climate change and policy. Sarah Bloom Raskin withdrew her candidacy Tuesday to become the Federal Reserve's next vice chair for supervision, the White House confirmed in a statement.
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