Joe Manchin Overrules Joe Biden, Will Vote Against Biden’s Fed Nominee: “The Federal Reserve Board is not an institution that should politicize its critical decisions
West Virginia Democrat Sen. Joe Manchin overruled President Joe Biden Monday announcing that he will oppose one of Biden’s nominees to the Federal Reserve leaving Biden between a rock and a hard place.
Manchin said: “I have carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements. Now more than ever, the United States must have policy leaders and economic experts who are focused on the most pressing issues facing the American people and our nation — specifically rising inflation and energy costs.
“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.
“I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board.
“The Federal Reserve Board is not an institution that should politicize its critical decisions.
“The time has come for the Federal Reserve Board to return to its defining principles and dual mandate of controlling inflation by ensuring stable prices and maximum employment.
“I will not support any future nominee that does not respect these critical priorities.”
“Sarah Bloom Raskin is one of the most qualified people to have ever been nominated for the Federal Reserve Board of Governors,” a White House spokesperson said.
“She has earned widespread support in the face of an unprecedented, baseless campaign led by oil and gas companies that sought to tarnish her distinguished career. We are working to line up the bipartisan support that she deserves so that she can be confirmed by the Senate for this important position.”
According to CNBC: “Manchin’s formal opposition throws serious doubt on Raskin’s bid to be the Fed’s next vice chair for supervision, one of the most powerful banking regulators in the world.
“Raskin is a former Fed governor and served as the deputy Treasury secretary in the Obama administration.
“While it’s possible she could garner support from a moderate Republican, a Senate split 50-50 means a single Democratic defection can imperil presidential nominations.”
From The Washington Examiner:
GOP lawmakers have accused Raskin of personally lobbying the Fed to secure access to the central bank’s payments system.
They contend that her work with Colorado-based Reserve Trust after serving in the Obama administration and holding a previous Fed role raised concerns about the “revolving door” between government service and private sector work.
Raskin has denied any wrongdoing and claimed not to remember reaching out to the central bank about Reserve Trust’s master account application, although she said that if she did, she would have followed all applicable ethics rules.
A White House official told the Washington Examiner after Manchin’s announcement that Raskin is eminently qualified for the role and pointed out that she received bipartisan support for her other nominations during the Obama administration.
The official also characterized opposition to her nomination as part of an “unprecedented” and “baseless” campaign by oil and gas companies seeking to tarnish her career.
“We are working to line up the bipartisan support that she deserves so that she can be confirmed by the Senate for this important position,” the official said.
Sarah Bloom Raskin's 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. I'm unable to support her nomination to @federalreserve Board pic.twitter.com/0tDVXtRpKc
— Senator Joe Manchin (@Sen_JoeManchin) March 14, 2022
1) WH says it's not pulling nomination of Sarah Bloom Raskin despite Manchin's opposition. WH says she "earned widespread support in the face of an unprecedented, baseless campaign led by oil and gas companies that sought to tarnish her distinguished career."
— Chad Pergram (@ChadPergram) March 14, 2022