Updated on 12 mins ago
Biden Fed nominee Sarah Bloom Raskin withdraws board candidacy
Sarah Bloom Raskin blamed 'relentless attacks by special interests' for derailing her nomination
By Megan Henney FOXBusiness
Sarah Bloom Raskin, President Biden's embattled pick for the Federal Reserve's top banking regulator, withdrew her nomination on Tuesday, according to a source familiar with the matter, after Republicans and one key Democrat opposed her nomination.
Her withdrawal comes one day after Sen. Joe Manchin, a Democrat who often serves as a vital swing vote in the 50-50 Senate, said that he could not support her nomination, citing her stance on energy in the era of sky-high inflation.
Biden tapped Raskin earlier this year to serve as the Fed's vice chair for supervision, a powerful role that oversees annual stress tests designed to review bank safety and liquidity. Her nomination was welcomed by progressive senators and advocacy groups, who hoped she would take a tougher stance against Wall Street than her predecessor, Randal Quarles, a Trump nominee who stepped down in late December.
In a letter to Biden obtained by the New Yorker, Raskin blamed "relentless attacks by special interests" who opposed her view that climate change could pose a threat to economic stability for derailing her nomination.
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https://www.foxbusiness.com/politics/biden-fed-nominee-sarah-bloom-raskin-withdraws-board-candidacy
