Fed nominee Sarah Bloom Raskin withdraws after fight over her

Tuesday, March 15, 2022
author picture Arthur Petit
Video/image source : youtube, medianpr
Original content created by news.limited staff

Biden's pick for the Federal Reserve board‚ Sarah Bloom Raskin‚ has withdrawn her nomination after a fight over her nomination. The former economist was nominated to the board by President Barack Obama in January‚ and has faced criticism for past statements about fossil fuel companies and the environment. Since then‚ she has received strong bipartisan support from members of both parties. But on Monday‚ she decided to pull out after a fierce battle over her appointment. Republicans demanded more information from Raskin‚ but she did not remember. After receiving an earful from Republican Senator Joe Manchin‚ she resigned from the Fed board. While she has not commented publicly on her decision‚ she did signal Monday that she would prefer another nominee if other confirmation fights take place. Sherrod Brown‚ the chairman of the Senate Banking Committee‚ said Tuesday he intends to hold a markup for other Fed nominees‚ and has indicated that he might move forward with the nominations of others. Raskin had been nominated by Vice President Joe Biden for the Fed post.

fed nominee sarah bloom raskin withdraws after fight over her
Image source : medianpr

The Senate Banking Committee has held up her nomination for months due to opposition from Republican Senator Pat Toomey and moderate Republicans. In a letter to Biden‚ Raskin defended her views on climate change and called for a role for the environment in economic policy. It appears that she is willing to resign rather than fight the process further.