The GOP has also alleged ethical misconduct during Raskin’s time in the private sector, saying she has refused to answer basic questions. CNN Sans ™ & © 2016 Cable News Network.She argued in a 2020 op-ed, for instance, that the Fed should not have given Covid-19 relief money to fossil fuel companies, calling them a “terrible investment.” Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “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. Raskin’s candidacy, however, was hailed by progressives.īiden 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. 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. 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.” 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. “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.” “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 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. Raskin’s withdrawal was first reported by the New Yorker. None materialized, rendering her nomination all but dead, even as White House officials continued to support the selection. 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. The decision to withdraw comes after it became clear she would not have the votes to be confirmed by the US Senate. “This is not a novel or radical position.” “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. 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. (Photo by KEN CEDENO / POOL / AFP) (Photo by KEN CEDENO/POOL/AFP via Getty Images) KEN CEDENO/POOL/AFP via Getty Imagesīiden's plan to reshape the Fed just hit a hurdle 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 onon February 3, 2022, in Washington, DC.
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