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Sarah Bloom Raskin withdraws from contention to be Fed vice chair

President Joe Biden's nominee appeared to lack the votes in the Senate after Sen. Joe Manchin came out in opposition, citing issues regarding "energy policy."
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WASHINGTON — Sarah Bloom Raskin is withdrawing from contention to be vice chair for supervision at the Federal Reserve, a source familiar with the matter said Tuesday, as she appears to lack the votes for confirmation in the Senate.

Centrist Sen. Joe Manchin, D-W.Va., announced his opposition to Raskin on Monday, throwing the nomination into doubt in the Senate. His opposition meant she would need at least one Republican to support her to be confirmed, and there were no immediate volunteers.

The opposition from Manchin and Republicans is based on Raskin's position on climate change. Opponents argued she would support factoring in the economic risks of climate change when making Fed policy decisions.

Image: Sarah Bloom Raskin, nominee to be vice chairman for supervision and a member of the Federal Reserve Board of Governors, is sworn in before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing in Washington, DC on Feb. 3, 2022.
Sarah Bloom Raskin, the nominee to be vice chairman for supervision and a member of the Federal Reserve Board of Governors, at a Senate Banking Committee confirmation hearing in Washington on Feb. 3.Bill Clark / Pool via AFP - Getty Images

"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," Manchin said in a statement, adding that he is "unable to support her nomination to serve as a member of the Federal Reserve Board." 

Republicans on the Senate Banking Committee, led by Pat Toomey of Pennsylvania, stalled her nomination for about a month, boycotting meetings so Democrats lacked a quorum to hold a vote and send her nomination to the floor of the Senate.

Toomey said Monday that Democrats should proceed with votes on President Joe Biden's four other Fed nominees.

Banking Committee Chair Sherrod Brown, D-Ohio, said Raskin was the target of a “disingenuous smear campaign” led by Republicans and “talking points written by the oil and gas industry.”

“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 in a statement. “She was unanimously confirmed twice by the Senate and has unquestionable qualifications.”

Raskin, 60, was a member of the Fed Board from 2010 to 2014. She is married to Rep. Jamie Raskin, D-Md.