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Tuesday, July 5, 2022

Sarah Bloom Raskin withdraws her candidacy for the Federal Reserve

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Candidate Sarah Bloom Raskin, nominated by US President Joe Biden for the Federal Reserve as head of banking supervision, has withdrawn her candidacy. In a letter published by The New Yorker on Tuesday, Raskin justified her move by citing her lack of support for her Senate nomination. Her stance on climate change drew criticism from opposition Republicans and an influential Democratic senator.

Senate Republicans boycotted a vote on his appointment and four other candidates for senior Fed jobs. Raskin from making hostile statements toward the oil industry and said he would not support his candidacy. Since Republicans and Democrats have exactly the same number of representatives in the Senate, an abstention would be a de facto veto.

Raskin said in his letter that the Fed has “a hard and pressing job ahead of it.” If he resigns, there will be no excuse for “the Senate’s refusal to address the real economic needs of our nation.”

President Biden criticized the opposition to Raskin. The financial expert had to endure “unfounded attacks from industry and conservative interest groups,” he explained.

Biden nominated Raskin to the Fed’s governing body in January, along with economics professor Lisa Cook and economics professor Philip Jefferson. At the end of last year, he had already nominated Fed Chairman Jerome Powell for a second term. Fed Governor Lael Brainard will become the new deputy governor of the central bank.

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