Manchin's opposition threatens Raskin's nomination for Fed

Washington -Senator Joe Manchin, a West Virginia Democrat said Monday that he opposed Sarah Bloom Raskin's nomination to a crucial position on the Federal Reserve Board of Governors.

Manchin's opposition threatens Raskin's nomination for Fed

This could put her chances of being confirmed by the Senate.

Raskin has been blocked in the Senate Banking Committee because Republicans refused to vote last month on her nomination. Manchin, however, is a Republican member of the committee. To win Senate approval, Raskin would have to get a Republican vote.

Republicans, led by Pennsylvania Senator Pat Toomey have opposed Raskin because she was an outspoken advocate of the Fed considering climate change when regulating banks. President Joe Biden appointed Raskin as the Fed's vice-chair for supervision, a high financial regulatory position.

Toomey claimed that Raskin would use the Fed's regulatory authority in order to discourage banks lending to oil and natural gas drilling companies. Manchin, who is a long-standing advocate for energy companies, also expressed concern.

"Her public statements in the past have not addressed my concerns about how important it is to finance an all-of the-above energy program to meet our nation’s energy needs," she said. "

A White House official stated that the administration supports Raskin and called her "one the most qualified people ever to be nominated for Fed's board." She was previously a deputy Treasury secretary on the board between 2010-2014.

The official who was not authorized to speak on record said that they were working to get the bipartisan support she needs to be confirmed by Senate for the important position.

A spokesperson for Senator Sherrod Brown (an Ohio Democrat who is also chairman of the Banking Committee) stated that Brown was "working to bring forward Ms. Bloom Raskin’s nomination with bipartisan support." The Senate unanimously confirmed Raskin the first time that she was nominated for Fed governor.

Four other Biden nominees for the Fed's board are also being held up by the boycott of a vote regarding Raskin. President Obama has also nominated Lael brainard, a Fed governor for the No. 2, post. Economists Lisa Cook, Philip Jefferson, have also been nominated for positions on his board.

Analysts predicted that Manchin's opposition would likely endanger Raskin's nomination.

Jaret Seiberg, a Cowen Washington Research Group analyst in banking said that it was difficult for Raskin to be confirmed without Joe Manchin's support. She also stated that every Republican would oppose her nomination.

Raskin was expected to be more aggressive with banks than Randal Quarles. Raskin was Maryland's top bank regulator from 2007 to 2010.


 

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