Manchin comes out against Biden Fed nominee Raskin, throwing her confirmation into doubt

Source: CNBC

Sen. Joe Manchin, the most conservative Democrat in the Senate, said Monday that he opposes one of President Joe Biden’s nominees to the Federal Reserve, leaving her candidacy to join the central bank with the slimmest of hopes.

“I have carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements. 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,” Manchin said in a statement.

“I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board,” he added. Raskin is a former Fed governor and served as the deputy Treasury secretary in the Obama administration.

Manchin’s formal opposition all but dooms Raskin’s bid to be the Fed’s next vice chair for supervision, one of the most powerful banking regulators in the world. While it’s possible Raskin could garner support from a moderate Republican, a Senate split 50-50 means anything but a unified Democratic party makes the odds of success for any presidential nominee perilous at best.

Read more: https://www.cnbc.com/2022/03/14/joe-manchin-opposes-sarah-bloom-raskin-federal-reserve-nomination.html