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Sarah Bloom Raskin, President Joe Biden’s embattled nominee to the Federal Reserve, on Tuesday withdrew her candidacy to serve at the central bank, ending a weekslong partisan battle in the Senate over her views on climate policy.
Raskin’s withdrawal comes a day after Sen. Joe Manchin, a conservative Democrat from West Virginia, said he could not support the 60-year-old’s nomination to be the Federal Reserve’s vice chair for supervision, one of the world’s most powerful banking regulators.
Manchin’s decision would have made her confirmation nearly impossible in a Senate split 50-50 between Democrats and Republicans.
Biden in a statement praised Raskin while blasting her opponents.
“Despite her readiness — and despite having been confirmed by the Senate with broad, bipartisan support twice in the past — Sarah was subject to baseless attacks from industry and conservative interest groups,” Biden said.
“Unfortunately, Senate Republicans are more focused on amplifying these false claims and protecting special interests than taking important steps toward addressing inflation and lowering costs for the American people,” the president said.
Raskin, who previously served as a Fed governor and deputy Treasury secretary, echoed that statement in a letter to Biden, in which she blamed “relentless attacks by special interests” in derailing her nomination.
She wrote that she fears that “many in and outside the Senate are unwilling to acknowledge the economic complications of...
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