Sarah Bloom Raskin had faced stiff opposition from Senate Republicans over her views on climate change. President Biden's embattled pick for a top chair (ph) with the Federal Reserve has withdrawn. I am deeply concerned, however, with the danger that this practice poses to the common good and the willingness of competent and devoted people to serve in government," she added. "I am not concerned with attacks on my character.
"Rather than a productive and informed discussion about climate and financial risk, the country was treated to diversionary attacks on my ethics and character," Raskin wrote the president in withdrawing her nomination. Republicans questioned whether she used those connections after leaving the government to win preferential treatment for a Colorado fin-tech company where she served on the board. Raskin previously served on the Fed board of governors and in a top post at the Treasury Department. He lamented Raskin's defeat and accused committee Republicans of falling for "talking points written by the oil and gas industry." Republican senators - especially those from energy-rich states - worried that Raskin would discourage banks from lending money to fossil fuel companies, although she insisted during her confirmation hearing that banks would make their own lending decisions.Ĭommittee Chairman Sherrod Brown, D-Ohio, promised to move forward with the other nominations. Those nominations had been stalled, as Republicans boycotted a vote on Raskin in the Senate Banking Committee. Raskin's withdrawal clears the way for Senate action on four other Fed nominations, including a second term as Fed chairman for Jerome Powell. Other Fed nominees likely to get a Senate vote "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," the president said in a statement. Joe Manchin of West Virginia said he would oppose her, calling Raskin insufficiently committed to an "all-of-the-above energy policy."īiden said Raskin had been the target of "baseless attacks from industry and conservative interest groups." Her fate was sealed on Monday, when Democratic Sen. Sarah Bloom Raskin had drawn criticism from Senate Republicans for arguing that bank regulators should pay more attention to the financial risks posed by climate change. President Biden's nominee for a top regulatory post at the Federal Reserve has withdrawn after opposition from fossil fuel interests dashed her hopes of confirmation in the closely divided Senate.
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