“We are working to line up the bipartisan support that she deserves, so that she can be confirmed by the Senate for this important position,” said the official, who wasn’t authorized to speak on the record.Ī spokesperson for Sen. She previously served on the board from 2010-2014 and as deputy Treasury secretary. In response, a White House official said the administration still supports Raskin, calling her “one of the most qualified people to have ever been nominated” for the Fed’s board. “I have come to the conclusion that I am unable to support her nomination.” “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,” the senator said. But Manchin, who has long been a strong advocate for energy companies, expressed similar concerns. Raskin denied that in a February hearing. Toomey has asserted that Raskin would seek to use the Fed’s regulatory authority to discourage banks from lending to oil and gas drilling companies. President Joe Biden has nominated Raskin to serve as the Fed’s vice chair for supervision, a top financial regulatory post. Pat Toomey, have opposed Raskin on the grounds that she has been an outspoken supporter of having the Fed consider the threat to climate change in its regulation of banks. Manchin is not a member of the committee but his opposition means that for Raskin to win Senate approval, she would need to pick up a Republican vote.Ĭommittee Republicans led by Pennsylvania Sen. Raskin’s nomination has been stuck in the Senate Banking Committee since Republicans last month unanimously refused to vote on it in order to prevent her being approved on a party-line vote. Joe Manchin, a West Virginia Democrat, said Monday that he opposes the nomination of Sarah Bloom Raskin to a key position on the Federal Reserve’s Board of Governors, endangering her prospects of winning Senate confirmation.

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