![]() Raskin served as Maryland’s top banking regulator from 2007 to 2010 and had been endorsed by banking representatives in the state. But the opposition to her came mainly from the energy industry, while many banking lobbyists saw her as at least a known quantity. 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. “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. Some analysts said Manchin’s opposition could doom Raskin’s nomination. 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. 2 post, and economists Lisa Cook and Philip Jefferson for positions on the board. The president has also nominated Lael Brainard, a Fed governor, for the central bank’s No. ![]() Biden has nominated Chair Jerome Powell to serve a second four-year term Powell is now serving as acting chair. We are working to line up the bipartisan support that she deserves so that she can be confirmed by the Senate for this important position."īoth the American Bankers Association and the Financial Services Forum have issued statements supporting Raskin's nomination, according to NBC News.Four other Biden nominees to the Fed’s board are also on hold because of the committee Republicans’ boycott of a vote on Raskin. "She has earned widespread support in the face of an unprecedented, baseless campaign led by oil and gas companies that sought to tarnish her distinguished career. " previously served on the Board and she served as second-in-command at Treasury – both positions where she earned bipartisan Senate confirmation," said White House spokesman Chris Meagher. ![]() Meanwhile, Democrats have widely touted Raskin, claiming that her pedigree is beyond reproach. ![]() RELATED: Joe Manchin has dumb new reason for why he torpedoed Build Back Better This past year, Manchin, whose family owns a coal business in West Virginia, consistently undermined several aspects of Biden's climate climate agenda, most notably by objecting to the president's signature Build Back Better framework. Joe Manchin III, a key Democratic vote, said he opposed her because of her stance. Want a daily wrap-up of all the news and commentary Salon has to offer? Subscribe to our morning newsletter, Crash Course.Įarlier this month, NBC News reported that Senate Republicans also have a bone to pick with her stance on climate change – an issue over which Manchin has sparred with many of his progressive and Democratic colleagues. Sarah Bloom Raskin’s nomination to the Federal Reserve Board appeared all but doomed on Monday after Sen. Raksin, for her part, has denied any wrongdoing. In Raskin's case, Republicans on the Senate Banking Committee have pointed to her past role on the board of a Colorado company that had direct access to a Fed master account during her tenure, according to NPR. Thus far, Republicans have stonewalled the confirmations of all five nominees. Among those nominated include Jerome Powell, who would serve as Fed chair Lael Brainard, who would serve as vice chair and economists Lisa Cook and Philip Jefferson, who were nominated for board seats. Raskin is just one of four other nominees to occupy high-up vacancies at the Fed. RELATED: Joe Manchin has made $5.2M from his coal company - and gets big donations from fossil-fuel industry Raskin, who President Biden nominated in January to be the Fed's next vice chair for supervision, served as the deputy secretary of treasury under former President Obama. "I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board," the senator added. "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," "I have carefully reviewed Sarah Bloom Raskin's qualifications and previous public statements," Manchin said in a statement. Joe Manchin, D-W.Va., on Monday came out against the nomination of Sarah Bloom Raskin for a top position on the Federal Reserve, saying that he's "unable" to support Raskin over her stance on inflation and energy costs.
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