Sarah Bloom Raskin withdraws herself from consideration before the Federal Reserve Board – CBS Baltimore

(CNN) – Sarah Bloom Raskin has withdrawn from consideration to be a candidate for the Federal Reserve Board of Governors.

Raskin, wife of Maryland Congressman Jamie Raskin, filed withdraw money in a letter to President Joe Biden.

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Biden nominated Raskin in January for the position of vice chair of oversight at the Fed, a role she would otherwise have become a powerful regulator in the banking world.

But Raskin, a former Fed governor who served as Deputy Treasury Secretary under Obama, has faced stiff opposition in the Senate based on her stance on climate change and fears that she might discourage it. encourage banks to lend to fossil fuel companies.

In a letter to Biden withdrawing her nomination, shared with CNN, she wrote that many “in and out of the Senate are unwilling to acknowledge the economic complexities of climate change and the damage it causes.” it has caused, and will continue to cause, the American people.”

“It is – and is – my considered view that the dangers of climate change must be added to the list of serious risks that the Federal Reserve considers operational to ensure stability. and the resilience of our economy and financial system,” she added. “This is not a novel or a radical point of view.”

The decision to withdraw was made after it became clear that she would not have the vote to be confirmed by the US Senate.

Senator Joe Manchin, a West Virginia Democrat, announced his opposition to the nomination on Monday, sparking a White House scramble to find Republican support in the Senate by percentage 50-50 ratio.

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Nothing materialized, leaving her nomination dead, even as White House officials continued to support the selection.

Raskin’s withdrawal was first reported by the New Yorker.

Opponents, including Manchin, Republicans in the Senate and the US Chamber of Commerce, argue that Raskin’s push for green energy, renewable resources and environmental issues threatens to keep gas prices down. high – especially at a time when the Russia-Ukraine conflict is pushing fuel prices through the roof.

On Monday, Manchin — who is not a member of the Senate Banking Committee that votes on the Fed’s nominations — said that Raskin’s “previous public statements have not adequately addressed the concerns of the about the importance of funding a aforementioned energy policy to meet our nation’s critical energy needs. ”

Senate Republican Party boycott a vote last month to oppose Raskin’s nomination, halting a series of pending candidates for the central bank, including the relinquishment of Fed Chair Jerome Powell.

However, Raskin’s candidacy was hailed by progressives. Biden has pledged to make the Fed more diverse in terms of both gender and race.

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https://baltimore.cbslocal.com/2022/03/15/sarah-bloom-raskin-withdraws-herself-from-consideration-to-the-federal-reserve-board/ Sarah Bloom Raskin withdraws herself from consideration before the Federal Reserve Board – CBS Baltimore

Jake Nichol

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