![]() "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." "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 wrote. In a statement, Biden wrote that Raskin’s nomination had broad support, “from the banking and financial services community, former members of the Board of Governors, multiple Nobel Prize winners, consumer advocates, and respected economists from around the country.” Manchin has been reported to be one of the Senate’s largest recipients of campaign money from the coal, oil and gas industries. Manchin wrote in a press release that he “carefully reviewed qualifications and previous public statements” before deciding to not support her, adding that the “Federal Reserve Board is not an institution that should politicize its critical decisions.” “The public understands that it will pay the price again for deliberate indifference by the government to harsh scientific and economic truths.” ![]() “They have suffered the consequences and shouldered the costs of prior episodes of government inattention to financial risks,” Raskin wrote. Raskin admitted that most American businesses, farmers and households have already endured “devastation, loss and destruction caused by extreme weather events.” She feels “many in and outside the Senate are unwilling to acknowledge the economic complications of climate change and the toll it has placed, and will continue to place, on Americans,” she wrote.Ĭiting the research on “energy security risk of climate change” that the Department of Defense has been engaged in for years, Raskin wrote, “this is not a novel or radical position.” The “point of contention,” she clarified in the letter, was her “public discussion of climate change and the economic costs associated with it.” “Had the boycotting senators simply challenged my belief in the need to integrate climate-based risks and costs into the financial regulatory apparatus,” Raskin wrote, “I would have welcomed the opportunity for this important discussion.” In the letter, she wrote that despite the “overwhelming bipartisan support and Senate confirmation” she experienced during her previous nominations, this recent nomination and confirmation series brought “relentless attacks by special interests.” ![]() Raskin notified Biden of her intention to withdraw through a public letter on March 15. Once Manchin announced he was “unable to support her nomination,” it became clear the simple majority threshold would not be met and her nomination would not reach Senate confirmation, resulting in Raskin’s withdrawal. Raskin served as Maryland’s top banking regulator from 2007 to 2010 and had been endorsed by banking representatives in the state.The Senate conducts a simple majority vote to confirm, reject or abstain presidential nominations to Senate-confirmed roles In opposition to Raskin’s nomination, Republican senators boycotted a vote to advance other Federal Reserve Board nominees. 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. Four other Biden nominees to the Fed’s board are also on hold because of the committee Republicans’ boycott of a vote on Raskin.
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