Democratic Senator Machin Will Keep Paying

Note: This article may contain comments that reflect the opinions of the author.

After Democrats picked both Georgia US Senate seats, there was a lot of concern on the right side of the aisle.

These two seats give the senate 50 members each, but with Vice President Kamala Harris as the chair of the Senate, she could vote Democrats to break any 50/50 votes for left wing.

With this being said, the reason President Biden is unable to pass key items on his agenda, is because there are two centers within his own party.

One of them, West Virginia Democratic Senator Joe Manchin, will again oppose one of Biden’s nominations. This time, WV Democrats are opposing Sarah Bloom Raskin, Biden’s pick to join the Federal Reserve Board of Governors, ending an impasse over the Obama Treasury official’s status.

Manchin has opposed several other Biden candidates, most notably Neera Tanden, head of the Office of Management and Budget, and Food and Drug Administration Director Dr. Robert Califf.

Due to Manchin and several other centrists, the Biden administration was forced to withdraw the nominations of several far-left candidates, including Cornell University Law School professor Saule Omarova and former Liquor Bureau employee , Tobacco and Firearms David Chipman, in bipartisan opposition.

Bloom Raskin, the wife of Maryland Congressman Jamie Raskin, is an environmental activist and advocate of using the Federal Reserve to promote green energy policy, which would mark a departure. significantly away from the dual mandate of the central banking system of maintaining maximum employment and keeping inflation in check.

Raskin’s nomination is in part an effort by the administration to “bring back long-overdue diversity,” at the Federal Reserve. She was a professor of law at Duke University and on the board of a major financial services provider.

More than ever, America must have policy leaders and economic experts who focus on the most pressing issues facing the American people and our nation – especially inflation and rising energy costs. I have carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements. Her previous public statements did not adequately address my concerns about the importance of funding a comprehensive energy policy above to meet our critical energy needs. our countryManchin said in a statement.

It’s time for the Federal Reserve to return to its deterministic principles and dual mandate to control inflation by ensuring stable prices and maximum employment.. ”

Republicans had previously blocked the vote to confirm four other candidates for the Federal Reserve Board, including chair Jerome Powell, on putting Bloom Raskin on the Senate Banking Committee’s nomination list. .

Due to the 50-50 split in the Senate, the boycotters denied the Democrats the number of delegates needed to elevate the candidates. Powell has continue serves as the professional chairman of the board of the Federal Reserve.

In addition to concerns about Bloom Raskin’s support of expanding the mandate of the Federal Reserve, some Republicans have alleged that she used her government connections to ” help” her then-employer, the Reserve Trust, receive regulatory favorable treatment.

As a result, the Reserve Trust became the first financial services provider to receive access to the Federal Reserve’s main account, allowing it to bypass banks when it came to transactions.

A Fed master account gives the Reserve Trust a huge advantage over others because they seem to be the only ones with it.,” said Republican Senator Cynthia Lummis during Bloom Raskin’s confirmation hearing.

Thanks again to Senator Manchin for standing by principle.

The decision should not have been a difficult one for the Senator from West Virginia, whose energy companies will be on the radar of Raksin and other tree-husbands in positions of power. authoritative. Democratic Senator Machin Will Keep Paying

Jake Nichol

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