A couple of weeks ago, I took a look at the nomination of Sarah Bloom Raskin to become the Fed’s vice. Raskin served as Maryland’s top banking regulator from 2007 to 2010 and had been endorsed by banking representatives in the state. Febru3:37 PM NR Daily is delivered right to you every afternoon. But the opposition to her came mainly from the energy industry, while many banking lobbyists saw her as at least a known quantity. WASHINGTON Lacking a path for confirmation in the evenly divided Senate, Sarah Bloom Raskin withdrew Tuesday as President Joe Biden's nominee to fill a top regulatory post at the Federal Reserve. + nominee to be vice chairman for supervision and a member of the Federal Reserve Board of. Sherrod Brown, D-Ohio, fist bumps Sarah Bloom Raskin. Raskin was considered likely to take a much tougher line with banks than did Randal Quarles, a Trump appointee who previously held the position of vice chair for supervision. WASHINGTON, DC - FEBRUARY 03: Chairman Sen. Joe Manchin says hes opposed to the nomination of Sarah Bloom Raskin for a top regulatory post at the Federal Reserve, likely spelling defeat for her confirmation in the closely divided Senate. “We do not see how Raskin can be confirmed without the support of Joe Manchin as we expect every Republican will oppose her nomination,” said Jaret Seiberg, a banking analyst at Cowen Washington Research Group. By Valerie Richardson - The Washington Times - Thursday, FebruRepublicans seeking a poster child for soaring energy prices under the Biden administration may have got their wish in. Some analysts said Manchin’s opposition could doom Raskin’s nomination. Federal Reserve pick Sarah Bloom Raskin withdraws nomination amid opposition Politics 7:45 PM EDT WASHINGTON (AP) Sarah Bloom Raskin withdrew her nomination Tuesday. President Joe Biden’s nomination of Sarah Bloom Raskin to serve as Federal Reserve vice chair for supervision represents a danger to American jobs and American energy. In his statement, Biden said Raskin "was subject to baseless attacks from industry and conservative interest groups." He urged the Senate Banking Committee to "move swiftly" to confirm the four remaining nominees for the Fed board.Psaki said the Biden administration supports moving all five nominees through the Senate together, and urged Republicans on the committee to “show up so that they can go through” the banking panel and to the Senate floor. They also questioned her role as director of a fintech firm that received a Federal Reserve master trust account.
The Republicans questioned whether Raskin's views on climate change would make it harder for fossil fuel companies to get financing. In her letter to President Biden, she said the Republicans on the Senate Banking Committee "held hostage" her nomination and stalled the votes for four other central bank nominations - Jerome Powell for his second term as Fed chair, Lael Brainard for the post of Fed vice chair, and Lisa Cook and Philip Jefferson as governors. Sarah Bloom Raskins 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. "That experience and support are among the reason why I nominated Sarah to be the Vice Chair for Supervisions, a critical role in regulating our nation's financial institutions," he said. Treasury and had previously served as a Fed governor, had broad support from the banking and financial services community, President Biden said in a statement.
With the Senate split 50-50 and Manchin refusing to support her, Raskin's chances of being confirmed vanished. Joe Manchin (D-WV) said he couldn't support her nomination, and ends a month-long scuffle with Republicans over her views on climate policy. Sarah Bloom Raskin, who President Joe Biden nominated as Federal Reserve vice chair for supervision, has withdrawn her candidacy for the post that supervises banks, CNBC reports, citing a person familiar with the matter. A group of Republicans have blocked a vote that could have advanced Sarah Bloom Raskins nomination as vice-chair for supervision of the Fed.
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