Biden's pick for Fed vice chair for supervision withdraws amid Republican objections
Former Federal Reserve Board governor Sarah Bloom Raskin has withdrawn her name for consideration as the central bank’s vice chair for supervision in an attempt to allow other nominations to move forward.
According to a Tuesday tweet from Washington Post journalist Seung Min Kim, Raskin sent a letter to U.S. President Joe Biden withdrawing as his nominee for the next vice chair for supervision of the Federal Reserve, citing “relentless attacks by special interests.” The letter referred to Republican lawmakers who, she said, have “held hostage” her nomination since February.
“Their point of contention was my frank public discussion of climate change and the economic costs associated with it,” said Raskin. “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:
Sarah Bloom Raskin’s withdrawal letter. Of note: “Had the boycotting senators simply challenged my belief in the need to integrate climate-based risks and costs into the financial regulatory apparatus, I would have welcomed the opportunity for this important discussion.” pic.twitter.com/IYphgLaISn
Though Democrats currently hold a slight majority in the U.S. Senate with Vice President Kamala Harris able to act as a tie-breaking vote, West Virginia Senator Joe Manchin said on Monday that he was opposed to Raskin’s nomination, suggesting that the political party was unlikely to push through Biden’s pick without Republican support. On Tuesday, Senate minority leader Mitch McConnell reportedly called on the U.S. president to submit a new candidate for the Fed vice chair for
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