Sarah Bloom Raskin withdrew her name from consideration for the seven-member Federal Reserve board on Tuesday, citing “relentless attacks by special interests.”
Raskin’s decision to withdraw her candidacy comes one day after moderate Sen. Joe Manchin (D-WV) said he opposed the nomination, effectively killing Raskin’s chances at confirmation.
Raskin, the wife of Rep. Jamie Raskin (D-Md.), informed President Biden of her decision in a letter, blaming Republicans who she said had “held hostage” her nomination and those of four others to the Fed board.
The letter was first reported by the New Yorker.
Republicans, led by Senate Banking Committee ranking member Pat Toomey (R-Pa.), had argued that Raskin would use the Fed’s regulatory authority to discourage banks from lending to oil and gas companies. Raskin, backed by most Democrats, countered that her views aren’t out of the mainstream and said she simply wants the Fed to consider the risks that climate change poses to banks, insurance companies and other financial firms.
“It was — and is — my considered view that the perils of climate change must be added to the list of serious risks that the Federal Reserve considers as it works to ensure the stability and resiliency of our economy and financial system,” the former Treasury Department deputy secretary wrote.