President Biden's nominee for a top regulatory post at the Federal Reserve has withdrawn after opposition from fossil fuel interests dashed her hopes of confirmation in the closely divided Senate.
Sarah Bloom Raskin had drawn criticism from Senate Republicans for arguing that bank regulators should pay more attention to the financial risks posed by climate change.
Her fate was sealed on Monday, when Democratic Sen. Joe Manchin of West Virginia said he would oppose her, calling Raskin insufficiently committed to an "all-of-the-above energy policy."
Biden said Raskin had been the target of "baseless attacks from industry and conservative interest groups."
"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 in a statement.
Raskin's withdrawal clears the way for Senate action on four other Fed nominations, including a second term as Fed chairman for Jerome Powell.
Those nominations had been stalled, as Republicans boycotted a vote on Raskin in the Senate Banking committee.
Republican Senators — especially those from energy rich states — worried that Raskin would discourage banks from lending money to fossil fuel companies, although she insisted during her confirmation hearing that banks would make their own lending decisions.
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