{"id":1383836,"date":"2022-03-16T10:36:22","date_gmt":"2022-03-16T14:36:22","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1383836"},"modified":"2022-03-16T10:36:25","modified_gmt":"2022-03-16T14:36:25","slug":"facing-opposition-from-manchin-bidens-fed-nominee-withdraws","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/facing-opposition-from-manchin-bidens-fed-nominee-withdraws\/","title":{"rendered":"Facing Opposition From Manchin, Biden\u2019s Fed Nominee Withdraws"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/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%2Ffacing-opposition-from-manchin-bidens-fed-nominee-withdraws%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=1383836&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>\n\t\t\t<span class=\"article-category\"><a class=\"\" href=\"https:\/\/freebeacon.com\/politics\/\">Politics<\/a><\/span><\/p>\n<p class=\"article-excerpt\">Sarah\u00a0Bloom\u00a0Raskin\u00a0would have become top bank regulator at the Federal Reserve<\/p>\n<figure class=\"post-thumbnail-container relative lg:mr-24 w-full my-4 mb-8\"><figcaption class=\"absolute text-white p-4 w-full text-right text-xs bottom-0 bg-black opacity-75\">\n\t\t\t\tSarah Bloom Raskin, nominated to be vice chairman for supervision and a member of the Federal Reserve Board of Governors, looks on during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., Feb. 3, 2022. \/ Reuters\t\t\t<\/figcaption><\/figure>\n<p>\t\t\t<span class=\"text-gray text-xs md:text-lg\"><a href=\"https:\/\/freebeacon.com\/author\/reuters\/\" title=\"Posts by Reuters\" class=\"author url fn text-red-700\" rel=\"author\">Reuters<\/a> \u2022 March 16, 2022 10:24 am<\/span><\/p><\/div>\n<div>\n<p>(Reuters)\u2014<span class=\"highlight\" data-qa-component=\"highlight-text\">Sarah\u00a0<\/span>Bloom<span class=\"highlight\" data-qa-component=\"highlight-text\">\u00a0Raskin\u00a0<\/span>on Tuesday withdrew as President Joe Biden&#8217;s nominee to become the top bank regulator at the Federal Reserve, one day after a key Democratic senator and moderate Republicans said they would not back her, leaving no path to confirmation by the full Senate.<\/p>\n<p>&#8220;Despite her readiness\u2014and despite having been confirmed by the Senate with broad, bipartisan support twice in the past\u2014<span class=\"highlight\" data-qa-component=\"highlight-text\">Sarah\u00a0<\/span>was subject to baseless attacks from industry and conservative interest groups,&#8221; Biden said in a statement.<\/p>\n<p><span class=\"highlight\" data-qa-component=\"highlight-text\">Raskin\u00a0<\/span>had become the most contentious of Biden&#8217;s five nominees to the central bank&#8217;s Board of Governors, generating strong opposition from the outset from Republicans who said she would use the vice chair of supervision post to steer the Fed toward oversight policies that would penalize banks who lend to fossil fuel companies.<\/p>\n<p><span class=\"highlight\" data-qa-component=\"highlight-text\">Raskin\u00a0<\/span>had been favored by progressive Democrats, such as Senator Elizabeth Warren of Massachusetts, who had pushed Biden to install someone who would pursue stiffer banking oversight after regulatory rollbacks under the previous supervision czar, Randal Quarles.<\/p>\n<p>Her withdrawal clears the way for the Senate to act on the four remaining nominees, which include Jerome Powell for a second term as the central bank&#8217;s chair.<\/p>\n<p>Republicans on the Senate Banking Committee, which reviews Fed appointments, had blocked progress on the nominations by refusing to attend voting sessions over their objections to<span class=\"highlight\" data-qa-component=\"highlight-text\">\u00a0Raskin<\/span>.<\/p>\n<p>The banking committee&#8217;s top Republican, Pat Toomey, said on Tuesday he and his colleagues were now ready to vote.<\/p>\n<p>Republicans may still try to block at least a couple of Biden&#8217;s other picks, including Lael Brainard, an existing Fed governor, to be the central bank&#8217;s vice chair, and Michigan State University&#8217;s Lisa Cook, who would be the Fed Board&#8217;s first Black female member. Toomey has said he opposes both.<\/p>\n<p>Powell and the last nominee, Davidson College&#8217;s Philip Jefferson, have bipartisan support.<\/p>\n<p>In a 50-50 Senate that Democrats control only by virtue of Vice President Kamala Harris&#8217; tie-breaking position, nominees need the backing of every member of Biden&#8217;s party to gain confirmation if Republicans are united in opposition, as they appeared to be in<span class=\"highlight\" data-qa-component=\"highlight-text\">\u00a0Raskin<\/span>\u2018s case.<\/p>\n<p>When Senator Joe Manchin of West Virginia, a conservative Democrat from a Republican-leaning state that is among the country&#8217;s biggest coal producers, announced his opposition to<span class=\"highlight\" data-qa-component=\"highlight-text\">\u00a0Raskin\u00a0<\/span>on Monday\u2014followed by &#8220;Nos&#8221; from moderate Republicans\u2014her nomination was effectively over.<\/p>\n<p>&#8220;Their point of contention was my frank public discussion of climate change and the economic costs associated with it,&#8221;<span class=\"highlight\" data-qa-component=\"highlight-text\">\u00a0Raskin\u00a0<\/span>said in her resignation letter. It is &#8220;not a novel or radical position,&#8221; she wrote, to add climate change to the list of risks the Fed should consider to ensure financial and economic stability.<\/p>\n<p>The question for the Biden administration now is whether to pivot toward a moderate for the job or even leave the post open.<\/p>\n<p>The\u00a0<em>New Yorker<\/em>\u00a0magazine first reported that<span class=\"highlight\" data-qa-component=\"highlight-text\">\u00a0Raskin\u00a0<\/span>had withdrawn her nomination.<\/p>\n<p>(Reporting by Dan Burns and Ann Saphir and Kanishka Singh in Bengaluru; Editing by Andrea Ricci, Alistair Bell and Tim Ahmann)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Politics Sarah\u00a0Bloom\u00a0Raskin\u00a0would have become top bank regulator at the Federal Reserve  Sarah Bloom Raskin, nominated to be vice chairman for supervision and a member of the Federal<\/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-1383836","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\/1383836","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=1383836"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1383836\/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=1383836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1383836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1383836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}