Sarah Bloom Raskin has withdrawn her nomination for a key position on the Federal Reserve Board of Governors, a source familiar with the situation told CBS News.
Bloomberg first reported its withdrawal, which came the next day said Democratic Sen. Joe Manchin will not support your confirmation. All 50 Democrats had to vote for her, or she needed Republican support.
The White House said so recently on Monday that they were still pushing for Raskin to be confirmed, insisting Republicans should step up.
“She is one of the most qualified people ever nominated for the post,” White House Secretary of State Jen Psaki said on Monday about Raskin. “And so where we are now: our focus is to continue working with the president, President Brown, to get bipartisan support.”
BILL CLARK / POOL / AFP via Getty Images
Raskin’s support for the Fed to consider the threat posed by climate change in its regulation of banks was a source of criticism for Republicans.
President Biden has appointed Raskin to serve as the Fed’s vice president for oversight, but his replacement nomination is unclear at this time. It is also unclear what will happen to the other two key Fed candidates nominated by the president, who had been held back because Raskin’s nomination collapsed in the Senate.
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