Joe Biden’s top Fed nominee, Sarah Bloom Raskin, has had her nomination blocked Sen. Joe Manchin (D-WV), probably killing her chances at making it to the Fed’s Board of Governors. Manchin noted Raskin’s previous public statements, and her possible partisanship, as the reason he refused to give his support. The NY Post reports:
Sen. Joe Manchin on Monday said he opposes President Biden’s nomination of Sarah Raskin to serve on the seven-member Federal Reserve board — likely blocking her nomination.
Manchin’s surprise announcement handed the White House a significant defeat after it invested time defending Raskin’s contentious candidacy. It follows Manchin (D-WV) blowing up Biden’s $2 trillion Build Back Better Act in December.
Manchin said in a statement that “[n]ow more than ever, the United States must have policy leaders and economic experts who are focused on the most pressing issues facing the American people and our nation — specifically rising inflation and energy costs.”
“I have carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements. 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,” Manchin said.
He added: “This is a 10-year term to perhaps the most important independent body that is tasked with ensuring the stability of the American economy. 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.”
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