Biden urged the Senate Banking Committee to “move swiftly to confirm the four eminently qualified nominees for the Board of Governors-Jerome Powell, Lael Brainard, Philip Jefferson and Lisa Cook-who are still waiting for an up-or-down vote.” The withdrawal of Raskin’s nomination leaves the Biden administration without the regulatory voice they had hoped to include on the Federal Board. "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. Toomey said Monday that Democrats should proceed with votes on President Joe Biden's four other Fed nominees.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. ![]() Republicans on the Senate Banking Committee, led by Pat Toomey of Pennsylvania, stalled her nomination for about a month, boycotting meetings so Democrats lacked a quorum to hold a vote and send her nomination to the floor of the Senate. "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 said in a statement, adding that he is "unable to support her nomination to serve as a member of the Federal Reserve Board." Sarah Bloom Raskin, the nominee to be vice chairman for supervision and a member of the Federal Reserve Board of Governors, at a Senate Banking Committee confirmation hearing in Washington on Feb. Opponents argued she would support factoring in the economic risks of climate change when making Fed policy decisions. The opposition from Manchin and Republicans is based on Raskin's position on climate change.
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