The president asserted in a statement that “Sarah was subject to baseless attacks from industry and conservative interest groups.” White House press secretary Jen Psaki had reiterated Tuesday that Raskin had Biden’s “strong support.”

March 15, 2022

Sarah Bloom Raskin withdrew her nomination Tuesday to a position on the Federal Reserve’s Board of Governors after a key Democrat had joined with all Senate Republicans to oppose her confirmation.

West Virginia Sen. Joe Manchin announced Monday that he opposed Raskin’s confirmation, and all Republicans in the evenly-split 50-50 Senate had indicated that they planned to block her nomination for the position of the Fed’s top banking regulator, AP reports.

Republicans have argued that Raskin would use the Fed’s regulatory authority to discourage banks from lending to oil and gas companies. Democrats, as well as many banking executives, countered that Raskin’s views aren’t out of the mainstream and said she simply wants the Fed to consider the risks that climate change poses to banks, insurance companies and other financial firms.

President Joe Biden, who nominated Raskin in January, said she had “unparalleled experience” in areas like cybersecurity, climate change, and consumer protection.

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