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Embattled Biden Pick Withdraws Nomination for Fed Reserve

Sarah Bloom Raskin faced criticism from Republicans (and former coal businessman Joe Manchin) for her belief that climate change should be factored into economic decisions.

Sarah Bloom Raskin, one of President Joe Biden’s four picks for the Federal Reserve that have been stalled in the Senate, has withdrawn her nomination to be the Reserve’s vice chair for supervision, The New Yorker reported Tuesday. Raskin faced intense opposition from Republican lawmakers over her belief that climate change should be factored into economic decisions, though her fate was sealed when Sen. Joe Manchin (D-WV), a former coal broker who has been sponsored by the fossil fuel industry, came out against her, along with moderate Republican Sen. Susan Collins. “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,” he said. Republicans were also opposed to Raskin’s belief in stricter bank regulation. Raskin was unanimously confirmed to serve on the Federal Reserve board under President Barack Obama, and she went on to be confirmed as Obama’s Deputy Secretary of the Treasury.