In a letter to President Biden, Sarah Bloom Raskin has withdrawn her nomination to serve as the Federal Reserve Board's vice chair of supervision.
Filed Under: Politics

Sarah Bloom Raskin withdraws Fed board nomination

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Sarah Bloom Raskin has withdrawn her nomination to serve on the Federal Reserve Board. President Biden had nominated her to serve as the board’s vice chair of supervision. The moves comes after three moderate senators said they would not support her nomination.

According to the New Yorker, which first reported the story, Raskin sent Biden a letter Tuesday asking to be withdrawn from consideration, citing “relentless attacks by special interests.”

“Sarah’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,” Biden wrote in a statement announcing Raskin’s withdrawal. “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.”

Raskin had support from many Democrats, including Senate Banking Committee chair Sen. Sherrod Brown (D-OH), but she lacked support from some centrists.

“I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board,” Sen. Joe Manchin (D-WV) said.

The loss of Manchin’s support, along with Sen. Susan Collins (R-ME) and Lisa Murkowski (R-AL), meant Raskin likely would not have the votes needed to advance.

Sarah Bloom Raskin has withdrawn her nomination to serve on the Federal Reserve Board. President Biden had nominated her to serve as the board’s vice chair of supervision. The moves comes after three moderate senators said they would not support her nomination.

According to the New Yorker, which first reported the story, Raskin sent Biden a letter Tuesday asking to be withdrawn from consideration, citing “relentless attacks by special interests.”

“Sarah’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,” Biden wrote in a statement announcing Raskin’s withdrawal. “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.”

Raskin had support from many Democrats, including Senate Banking Committee chair Sen. Sherrod Brown (D-OH), but she lacked support from some centrists.

“I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board,” Sen. Joe Manchin (D-WV) said.

The loss of Manchin’s support, along with Sen. Susan Collins (R-ME) and Lisa Murkowski (R-AL), meant Raskin likely would not have the votes needed to advance.

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