{"id":1375967,"date":"2022-03-14T13:38:37","date_gmt":"2022-03-14T17:38:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1375967"},"modified":"2022-03-14T13:38:43","modified_gmt":"2022-03-14T17:38:43","slug":"manchin-sinks-biden-federal-reserve-nominee-who-drew-republican-boycott","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/manchin-sinks-biden-federal-reserve-nominee-who-drew-republican-boycott\/","title":{"rendered":"Manchin Sinks Biden Federal Reserve Nominee Who Drew Republican Boycott"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmanchin-sinks-biden-federal-reserve-nominee-who-drew-republican-boycott%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1375967&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>Democratic West Virginia Sen. Joe Manchin will oppose President Joe Biden\u2019s nomination of Sarah Bloom Raskin to the Federal Reserve Board of Governors, ending a standoff over the Obama Treasury Department official\u2019s status.<\/p>\n<p>Bloom Raskin, the wife of Democratic Maryland Rep. Jamie Raskin, is an <a href=\"https:\/\/dailycaller.com\/2022\/01\/14\/joe-biden-sarah-bloom-raskin-federal-reserve-positions\/\">advocate<\/a> for using the Federal Reserve to promote green energy policy, which would mark a dramatic departure from the central banking system\u2019s dual mandate of maintaining maximum employment and keeping inflation in check. The Biden administration promoted Bloom Raskin\u2019s nomination as contributing to \u201cbring long overdue diversity\u201d at the Federal Reserve. She has also served as a Duke University law professor and on the <a href=\"https:\/\/dailycaller.com\/2022\/02\/07\/jamie-raskin-stock-act-sarah-bloom-raskin-federal-reserve\/\">board<\/a> of a major financial services provider.<\/p>\n<p>\u201cNow more than ever, the United States must have policy leaders and economic experts who are focused on the most pressing issues facing the American people and our nation \u2013 specifically rising inflation and energy costs. I have carefully reviewed Sarah Bloom Raskin\u2019s 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\u2019s critical energy needs,\u201d Manchin said in a statement.<\/p>\n<p>\u201cThe time has come for the Federal Reserve Board to return to its defining principles and dual mandate of controlling inflation by ensuring stable prices and maximum employment.\u201d <strong><a href=\"https:\/\/dailycaller.com\/2022\/02\/02\/senate-banking-committee-republicans-sarah-bloom-raskin-federal-reserve-climate-change\/\">(RELATED: Republicans Attack \u2018Climate Warrior\u2019 Biden Nominee Who Wants To Reimagine Economy)<\/a><\/strong><\/p>\n<p>Republicans <a href=\"https:\/\/dailycaller.com\/2022\/02\/15\/senate-banking-committee-sarah-bloom-raskin-vote-pat-toomey\/\">boycotted<\/a> votes to confirm four other nominees to the Federal Reserve board, including chairman Jerome Powell, over the inclusion of Bloom Raskin in the Senate Banking Committee\u2019s slate of nominees. Due to the 50-50 split in the Senate, the boycott denied Democrats the quorum needed to advance the nominees. Powell has <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/other20220204a.htm\">continued<\/a> to serve as chairman pro tempore of the Federal Reserve board.<\/p>\n<p>In addition to concerns over Bloom Raskin\u2019s support for expanding the Federal Reserve\u2019s mandate, some Republicans alleged that she used her government connections to help her then-employer, Reserve Trust, gain favorable regulatory treatment. Reserve Trust became the first financial services provider to receive access to the Federal Reserve\u2019s master account, which allows it to bypass banks when conducting transactions.<\/p>\n<p>\u201cA Fed master account gives Reserve Trust an enormous advantage over everybody else since it appears they\u2019re the only one who has it,\u201d Republican Wyoming Sen. Cynthia Lummis said during Bloom Raskin\u2019s confirmation hearing.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Currently there is only one non-bank fintech company in the country with a Federal Reserve master account. That company was initially denied an account, but a year after Sarah Bloom Raskin joined the company\u2019s board, the company was granted it. This raises a lot of questions. <a href=\"https:\/\/t.co\/o0aNJXq5Hy\">pic.twitter.com\/o0aNJXq5Hy<\/a><\/p>\n<p>\u2014 Senator Cynthia Lummis (@SenLummis) <a href=\"https:\/\/twitter.com\/SenLummis\/status\/1489287380003692544?ref_src=twsrc%5Etfw\">February 3, 2022<\/a><\/p>\n<\/blockquote>\n<p>Manchin has opposed several Biden nominees, most notably Neera <a href=\"https:\/\/dailycaller.com\/2021\/02\/19\/joe-manchin-against-joebiden-omb-nominee-neera-tanden\/\">Tanden<\/a>, slated to head the Office of Management and Budget, and Food and Drug Administration <a href=\"https:\/\/dailycaller.com\/2022\/02\/15\/senate-confirm-robert-califf-fda\/\">head<\/a> Dr. Robert <a href=\"https:\/\/dailycaller.com\/2022\/02\/14\/joe-manchin-blasts-biden-fda-pick-great-deal-responsibility-opioid-epidemic\/\">Califf<\/a>.<\/p>\n<p>The Biden administration was forced to withdraw the nominations of several far-left candidates, including Cornell University Law School professor Saule <a href=\"https:\/\/dailycaller.com\/2021\/12\/07\/breaking-president-biden-to-withdraw-saule-omarovas-nomination\/\">Omarova<\/a> and former Bureau of Alcohol, Tobacco, and Firearms agent David <a href=\"https:\/\/dailycaller.com\/2021\/09\/09\/white-house-withdraw-david-chipman-atf-nominee-gun-control\/\">Chipman<\/a>, in the face of bipartisan opposition.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Democratic West Virginia Sen. Joe Manchin will oppose President Joe Biden\u2019s nomination of Sarah Bloom Raskin to the Federal Reserve Board of Governors, ending a standoff over the Obama Treasury<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1375967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1375967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1375967"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1375967\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1375967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1375967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1375967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}