His choice for comptroller of the currency, Saule Omarova, withdrew her nomination in December after losing key support.
Raskin represents the second Biden nominee for a key banking regulator post to withdraw from consideration. In her letter to Biden, Raskin said her nomination was subject to “relentless attacks by special interests, culminating weeks ago in a boycott of a routine Senate Banking Committee vote to advance your Federal Reserve Board nominees.” She said her decision to withdraw her name from consideration came “with a heavy heart.” Toomey and Republicans had blasted Raskin for her alleged lobbying efforts on behalf of Colorado-based fintech company Reserve Trust. Joe Manchin and Susan Collins will oppose Sarah Bloom Raskin’s nomination to the Federal Reserve’s top job overseeing banks, all but killing her already stalled bid to win. Pat Toomey (R-Pa.), ranking member of the Senate Banking Committee, signaled Monday in a press release that with Raskin’s nomination out of the way, Republicans would agree to move the other four Fed nominees forward. With the Senate deadlocked 50-50 between Democrats and Republicans (and Vice President Kamala Harris available to cast a tiebreaking vote), Democrats could not afford to lose even one vote on Raskin’s nomination. Manchin’s criticism comes on the heels of his opposition to Sarah Bloom Raskin, President Joe Biden’s one-time pick to lead the Federal Reserve’s Wall Street oversight. “I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board.” “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. Joe Manchin (D-W.Va.) issued a statement saying he would not support her. The final blow to Raskin’s nomination came Monday, when Sen. Their maneuvers also blocked the nominations of four other Federal Reserve candidates-including Jerome Powell, a Republican seeking reappointment as Federal Reserve chair-from moving forward.
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Her candidacy faced fierce opposition from Republicans, who refused to show up for a Senate Banking Committee vote that would have potentially moved her nomination forward to the full Senate. Raskin’s nomination, citing her views on addressing climate change. Sarah Bloom Raskin faced fierce opposition from Republicans during her nomination hearing in February to serve as vice chair for supervision at the Federal Reserve. Joe Manchin (D., W.Va.), a pivotal vote for Democrats in the 50-50 Senate, said Monday that he couldn’t support Ms.
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