Biden nominee Sarah Bloom Raskin withdraws bid for Federal Reserve

one day after Sen. Joe Manchin, D-W.Va., announced he opposed her nomination, effectively ending her chances. All Senate Republicans remained unified against Raskin’s confirmation, meaning the White House could not afford to lose a single Senate Democrat.

“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 said in a statement that did not mention Manchin’s resistance.

addressing inflation and lowering costs for the American people.” 

Manchin opposition:Biden Fed nomination of Sarah Bloom Raskin in peril after Manchin reveals opposition

Raskin, nominated by Biden in January, faced criticism from Republicans and Manchin for past statements as a Federal Reserve Board governor critical of the Fed’s support of fossil fuel companies. 

How Fed’s first rate hike in more than 3 years will affect credit card, mortgage, savings rates

Even after Manchin’s announcement, the White House had remained defiant about pressing ahead to seek bipartisan support for Raskin’s confirmation, praising her credentials and highlighting her prior Senate confirmations for Federal Reserve posts.

Raskin is married to Rep. Jamie Raskin. D-Md. The seven-member Federal Reserve Board of Governors oversees the central bank of the U.S. and sets the nation’s monetary policy.

nominations of four other Fed nominees, including Chairman Jay Powell, to the full Senate.

Biden’s other Federal Reserve Board nominees are Lael Brainard, Philip Jefferson and Lisa Cook. He urged the Senate Banking Committee to “move swiftly” to move their nominations forward.

Reach Joey Garrison on Twitter @joeygarrison.

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