After it became evident that Sarah Bloom Raskin would not be confirmed by the Senate, President Joe Biden said on Tuesday that he would withdraw his nomination to the Federal Reserve Board of Governors.
Sarah Bloom Raskin did not appear to have the votes for Senate confirmation as Fed vice chair for supervision after a prominent Democrat withdrew his support.
“Sarah was subjected to bogus attacks from industry and conservative interest groups,” Biden said in a statement, accusing Republicans of “amplifying these false charges” rather than moving forward with his nominee’s confirmation.
Ms. Raskin’s bill was almost probably not strong enough to pass the Senate. Senator Joe Manchin III, a Democrat from West Virginia, announced on Monday that he would not vote to confirm her candidacy to be vice chair for bank supervision because Republicans opposed it.
In 2020, Raskin wrote an op-ed in the New York Times declaring the oil industry as “dead,” implying that she would prohibit banks from lending to oil and gas companies.
Raskin’s husband, Rep. Jamie Raskin, was similarly perceived as a partisan political choice (D-MD). Rep. Raskin is accused of breaking the STOCK Act by neglecting to disclose a $1.5 million stock payout to his wife.
She officially withdrew her campaign as it became evident that she lacked the support to pass the Senate.
Biden expressed his disappointment that she was not confirmed by the Senate and wished her luck. “I am grateful for Sarah’s commitment to our country and her willingness to serve again,” he said, adding that he looks forward to her future contributions to the country.
Mr. Manchin effectively ruined Ms. Raskin’s hopes in an equally divided Senate by refusing to back her. With Vice President Kamala Harris empowered to break ties, Democrats were likely to require all 50 members of their caucus to vote for Ms. Raskin.
Republicans had shown little interest in putting an advocate of stricter bank regulation in a powerful regulatory role at the Fed and had boycotted her nomination due to her private-sector experience. Members of Congress failed to show up for a crucial committee vote that would have advanced her candidacy to the full Senate.