They say past remarks indicate she would further a green energy policy that they fear could reduce fossil fuel companies' access to capital.
Toomey and his fellow Republicans on the banking committee have blocked Raskin's nomination from advancing by refusing to appear for a panel vote on the Fed nominees.
Senator Susan Collins, a moderate Republican whose support Democrats have courted on key votes in the past, told reporters she also would not vote for Raskin, citing "gaps in experience" among other issues. Raskin."Īfter Manchin's statement, the White House signaled it was sticking with her and was trying to line up Republican support.
"I'm not aware of any Republican support for Ms. Manchin's announcement "probably" ends her nomination "as a practical matter," Senator Pat Toomey, the Senate Banking Committee's top Republican, told Bloomberg TV. The Democratic president also has nominated Fed Chair Jerome Powell for a second term. Raskin, however, is the most contentious of Biden's five nominees to the Fed's Board of Governors and faces strong Republican opposition. Senate to have a hope of being confirmed. With Manchin casting a thumbs down on her nomination, Raskin would need to win over at least one Republican in the evenly divided U.S. "I have come to the conclusion that I am unable to support her nomination," he said. Raskin's "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," Senator Joe Manchin, a conservative Democrat from West Virginia, said in a statement. Biden has pledged to increase diversity at the central bank, and Jefferson is African American while Cook would be the first Black woman on its board.WASHINGTON, March 14 (Reuters) - Sarah Bloom Raskin's nomination to become the top bank regulator at the Federal Reserve, already stalled by Republicans, was dealt a heavy blow on Monday after she lost the backing of a senator from President Joe Biden's Democratic Party. Powell is a Republican, but Brainard and Raskin belong to the Democratic party. The Senate Banking Committee was considering their candidacies along with those of Fed Chair Jerome Powell, whom Biden nominated to a second term as leader of the central bank, and Lael Brainard, whom the president named as Powell's deputy. Sherrod Brown, the Democratic chair of the Senate Banking Committee, said that with Raskin's withdrawal, "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."īiden had nominated Raskin in January to the role of vice chair for supervision, which oversees the nation's banks, and also tapped Lisa Cook and Philip Jefferson to fill two other open positions on the seven-person Fed board. In a statement, Biden said Raskin endured "baseless attacks from industry and conservative interest groups," and accused Republicans of being "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." With the United States seeing consumer prices rise at a pace not experienced for four decades, the Fed is poised to begin lifting interest rates from zero this year, with the first increase expected at the conclusion of its policy meeting on Wednesday. The Biden administration's hopes to end the blockade were badly damaged Monday when Senator Joe Manchin, a centrist Democrat in the chamber where the party has a one-vote majority, cited statements by Raskin he said were hostile to the oil industry and said he would not support her candidacy. With a heavy heart, I therefore hereby withdraw my candidacy." "If I step away from this confirmation process, there can be no excuse left for a continued boycott of the Constitution's 'advice and consent' process and the Senate's corresponding refusal to attend to our nation's real economic needs. "There is hard and urgent work ahead for the Federal Reserve," she wrote. In a letter published by The New Yorker, Raskin cited the boycott as the main factor in her decision to drop out.
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