Sen. Joe Manchin will oppose Sarah Bloom Raskin’s nomination to the Federal Reserve Board, imperiling her already stalled bid to win confirmation
will oppose Sarah Bloom Raskin’s nomination to the Federal Reserve’s top job overseeing banks, imperiling her already stalled bid to win confirmation.
Raskin has been a proponent of putting a greater focus on the financial fallout of climate change, writing last September that regulators should “ask themselves how their existing instruments can be used to incentivize a rapid, orderly, and just transition away from high-emission and biodiversity-destroying investments.” Republicans such as Sen.of Pennsylvania expressed fear that she might pursue measures that would make it more expensive for banks to lend to oil companies.
However, Manchin’s opposition could also break the logjam on Biden’s four remaining Fed nominees at a critical time for the central bank, which is set to begin raising interest rates this week in a bid to fight surging inflation. Powell’s first term as chair expired in February, and he has been serving on an acting basis since then. Fed board member Lael Brainard is waiting to be confirmed to a promotion as Powell’s No.
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Sen. Joe Manchin Signals Opposition to Sarah Bloom Raskin for Fed PostDemocratic Sen. Joe Manchin, of West Virginia, said in a statement that he could not support the nomination of Sarah Bloom Raskin to become the Federal Reserve’s top banking regulator, dealing a major blow to her consideration in the evenly divided Senate
Read more »