(CNN)Sarah Bloom Raskin has withdrawn from running for the Federal Reserve Board of Governors.
Raskin tendered her resignation in a letter to President Joe Biden.
Biden nominated Raskin for the position of vice chairman of the Fed in January, a role that would have made her a powerful regulator in the banking world.
But Raskin, a former Fed governor who was deputy treasury secretary during the Obama administration, has faced stiff opposition in the Senate over her stance on climate change and fears she might stop banks from lending to fossil-fuel companies confronted.
In her letter to Biden withdrawing her nomination, shared with CNN, she wrote that many “inside and outside the Senate are unwilling to acknowledge the economic complications of climate change and the toll it has taken on Americans and… will continue to impose.”
“It was – and is – my considered view that the dangers of climate change need to be added to the list of serious risks that the Federal Reserve considers as it works to ensure the stability and resilience of our economy and financial system.” , added her. “This is not a novel or radical position.”
The decision to withdraw comes after it became clear she would not have the votes to be confirmed by the US Senate.
Senator Joe Manchin, a Democrat from West Virginia, announced Monday his rejection of the nomination, sparking a struggle in the White House to find Republican support in a 50-50 Senate.
None materialized, making her nomination all but dead even as White House officials continued to support the selection.
Raskin’s retirement was first reported by the New Yorker.
Opponents, including Manchin, Senate Republicans and the US Chamber of Commerce, have argued that Raskin’s promotion of green energy, renewable resources and environmental concerns threatens to keep gas prices high — especially at a time when the Russia-Ukraine conflict is pushing fuel prices into the US The roof drives up.
On Monday, Manchin — who is not a member of the Senate Banking Committee that votes on Fed nominations — said Raskin’s “past public statements have not satisfactorily addressed my concerns about the critical importance of funding an all-encompassing energy policy to meet our nation’s critical energy needs.” .”
Senate Republicans boycotted a vote to protest Raskin’s nomination last month, halting a slew of upcoming central bank candidates including the reappointment of Fed Chair Jerome Powell.
However, Raskin’s candidacy was welcomed by progressives. Biden has promised to make the Fed more diverse, both in terms of gender and racial composition.
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