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SARAH BLOOM RASKIN WITHDRAWS HERSELF FROM CONSIDERATION TO THE FEDERAL RESERVE
BOARD

By Phil Mattingly and Kaitlan Collins, CNN



Updated 6:40 PM ET, Tue March 15, 2022

Sarah Bloom Raskin, nominee to be vice chairman for supervision and a member of
the Federal Reserve Board of Governors, speaks during the Senate Banking,
Housing and Urban Affairs Committee confirmation hearing on February 3, 2022, in
Washington, DC. (Photo by KEN CEDENO/POOL/AFP via Getty Images)

(CNN)Sarah Bloom Raskin has withdrawn from consideration to be a nominee for the
Federal Reserve Board of Governors.

Raskin submitted her withdrawal in a letter to President Joe Biden.
Biden nominated Raskin in January for the position of vice chair of supervision
at the Fed, a role that would have made her a powerful regulator in the banking
world.

But Raskin, a former Fed governor who was deputy Treasury secretary during the
Obama administration, faced stiff opposition in the Senate based on her stance
on climate change and fear that she could discourage banks from lending to
fossil fuel companies.


Biden's plan to reshape the Fed just hit a hurdle
In her letter to Biden withdrawing her nomination, which was shared with CNN,
she wrote that 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. "


Read More
"It was — and is — my considered view that the perils of climate change must be
added to the list of serious risks that the Federal Reserve considers as it
works to ensure the stability and resiliency of our economy and financial
system," she added. "This is not a novel or radical position."
The decision to withdraw comes after it became clear she would not have the
votes to be confirmed by the US Senate.
Sen. Joe Manchin, a West Virginia Democrat, announced his opposition to the
nomination on Monday, setting off a White House scramble to find Republican
support in a 50-50 Senate.
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None materialized, rendering her nomination all but dead, even as White House
officials continued to support the selection.
Raskin's withdrawal was first reported by the New Yorker.
In a statement on Tuesday, Biden said Raskin was qualified for the job and
blamed partisan politics and attacks from special interests for her inability to
gain support.
"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.
"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."
Opponents, including Manchin, Senate Republicans and the US Chamber of Commerce,
argued that Raskin's promotion of green energy, renewable resources and
environmental issues threatened to keep gas prices high -- particularly at a
time when the Russia-Ukraine conflict is sending fuel prices through the roof.
On Monday, Manchin — who is not a member of the Senate Banking Committee that
votes on Fed nominations — said Raskin's "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."
Senate Republicans boycotted a vote last month in protest of Raskin's
nomination, halting a slate of pending nominees for the central bank, including
the renomination of Fed Chair Jerome Powell.
Raskin's candidacy, however, was hailed by progressives.

Biden has pledged to make the Fed more diverse in terms of both its gender and
racial makeup and urged the Senate Banking Committee to confirm his other
nominees, Philip Jefferson and Lisa Cook -- who would be the first Black woman
to serve on the Fed's board.
"This group has the experience, judgment, and talent necessary to lead the
Federal Reserve at this critical moment in our economic recovery, and the Senate
should move their nominations forward," Biden said.



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Russian POWs voice disquiet, shame over war in Ukraine


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