“At this historic moment for both the United States and the world at large, it is imperative the Federal Reserve Board preserves its independence and steers clear of any hint of partisanship,” he said. Manchin’s objections to Raskin come as part of the political fallout from rising energy prices and gasoline costs. Republicans have criticized her views on climate change and her involvement with Reserve Trust, a Colorado-based financial technology company that was granted a Federal Reserve master account while she was on the company’s board of directors. Senate Banking Democrats staged a vote for Raskin and other Fed nominees last month even as they acknowledged it was meaningless.īiden nominated Raskin to be the Fed’s vice chair for supervision, a position that would allow her to set the Fed’s regulatory agenda. Senate Democrats could still find a path to getting her confirmed, but they would need at least one Senate Banking Republican to provide a quorum by attending a committee vote and at least one Republican on the floor to back her. Manchin’s announcement is also a blow to Biden’s hopes to reshape the Fed’s governance and authority. He wasn’t yet in the Senate when she was confirmed for a Fed position in 2010. Manchin was in the Senate when it confirmed her by voice vote on March 12, 2014, to be deputy Treasury secretary. “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. I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board.” We are working to line up the bipartisan support that she deserves so that she can be confirmed by the Senate for this important position.“I have carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements,” Manchin said. "She has earned widespread support in the face of an unprecedented, baseless campaign led by oil and gas companies that sought to tarnish her distinguished career. "She previously served on the board and she served as second-in-command at Treasury - both positions where she earned bipartisan Senate confirmation," the official said. Raskin was on the board of Reserve Trust in 2017 when the Kansas City Fed denied the company access to the central bank’s payments systems Reserve Trust gained access the following year.Īnother main point of contention is Raskin’s progressive leanings with regard to climate change.Ī spokesperson for the Banking Committee said its chairman, Sherrod Brown, D-Ohio, is working to advance her nomination with bipartisan support.Ī White House official called Raskin "one of the most qualified people to have ever been nominated" to the Federal Reserve Board. Republicans say she has given incomplete answers about whether she used her government contacts from her time in top posts at the Fed and the Treasury Department during the Obama administration to aid Reserve Trust, a private Colorado payments firm. Republicans on the committee, led by ranking member Pat Toomey of Pennsylvania, boycotted planned votes on the nominees last month, preventing them from being considered, because of Raskin’s nomination. Joe Manchin (D-W.Va.), who hails from the second-biggest coal. The Banking Committee has been gridlocked for weeks over the slate of five nominees, which includes the nomination of Jerome Powell for a second term as Fed chairman. Sarah Bloom Raskin had been stuck in the Senate Banking Committee amid a GOP boycott of a committee vote on her nomination. I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board." "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. "I have carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements," he said in a statement. Manchin is not a member of the Banking Committee, which is considering the Federal Reserve nominees, but he is a key vote in the evenly split Senate. Joe Manchin, D-W.Va., said Monday that he is "unable" to support President Joe Biden's nomination of Sarah Bloom Raskin for the Federal Reserve Board. Jamie Raskin of Maryland, violated federal conflict-of-interest law when he failed to disclose Sarah Bloom Raskins sale of Reserve Trust stock on time.
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