President Joe Biden announced Tuesday that he would withdraw Sarah Bloom Raskin’s nomination to serve as Vice Chair for Supervision of the Federal Reserve Board of Governors.
The announcement came one day after Sen. Joe Manchin (D-W.Va.) declared he would not vote for Raskin, a move many observers saw as the death knell for her nomination in a closely divided Senate.
“After serving as the second-in-command at Treasury and with prior service on the Federal Reserve Board of Governors, Sarah Bloom Raskin knows better than anyone how important the Federal Reserve is to fighting inflation and continuing a sustainable economic recovery,” Biden announced through a statement.
The wording appeared to take aim at Manchin’s Monday announcement, in which the West Virginia senator said, “the Federal Reserve Board must remain hyper focused on ending the inflation taxes hurting working families, and getting more workers off the sidelines and back into the economy.”
“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 added.
Raskin is married to Rep. Jamie Raskin (D-Md.), who led the second impeachment trial of then-President Donald Trump in the House of Representatives.
During Barack Obama’s presidency, Raskin served as a member of the Federal Reserve Board of Governors before later serving as a deputy secretary of the U.S. Treasury. She is currently a professor at Duke University Law School, where her work is said to include “the adaptation of financial regulatory tools, as they pertain to climate risk.”
“Despite her readiness—and despite having been confirmed by the Senate with broad, bipartisan support twice in the past—Sarah was subject to baseless attacks from industry and conservative interest groups,” Biden’s statement continued.
“Unfortunately, Senate Republicans are 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.”
Raskin’s nomination had been under consideration by the Senate Committee on Banking, Housing, and Urban Affairs. In February, Republicans on that committee stalled her nomination by not showing up for a vote on Raskin and four other nominees to the Fed.
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Manchin: I Am Unable To Support Nomination Of Sarah Bloom Raskin To Federal Reserve Board
Washington, DC – Today, U.S. Senator Joe Manchin (D-WV) released the following statement on his decision to oppose the nomination of Sarah Bloom Raskin to the Federal Reserve Board.
“Now more than ever, the United States must have policy leaders and economic experts who are focused on the most pressing issues facing the American people and our nation – specifically rising inflation and energy costs. I have carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements. 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 come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board.
“The Federal Reserve Board is not an institution that should politicize its critical decisions. This is a 10-year term to perhaps the most important independent body that is tasked with ensuring the stability of the American economy. At this historic moment for both the United States and the world at large, it is imperative the Federal Reserve Board preserves its independence and steers clear of any hint of partisanship. Instead, the Federal Reserve Board must remain hyper focused on ending the inflation taxes hurting working families and getting more workers off the sidelines and back into the economy. The time has come for the Federal Reserve Board to return to its defining principles and dual mandate of controlling inflation by ensuring stable prices and maximum employment. I will not support any future nominee that does not respect these critical priorities.”
