Manchin says no on confirming Raskin for Fed position, likely derailing Biden, fellow Dems' effort

By: Just the News

Democrat Sen. Joe Manchin said Monday that he will not support the nomination of Sarah Bloom Raskin to become the Federal Reserve's top banking regulator, placing a major obstacle in her path to Senate confirmation.

In February, Republicans on the Senate Banking Committee uniformly opposed Raskin's nomination by refusing to attend a committee vote to advance her position. The no-show act also created a blockade to the nominations of several other Fed nominees, including Chairman Jerome Powell.

Raskin to be confirmed needs 51 yes votes – a simple majority – in a final Senate vote.

The Senate is split 50-50 between Democrats and Republicans, with Vice President Kamala Harris holding the tie-breaker. So a Manchin no-vote would likely end Raskin's confirmation bid.

"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 cost," Manchin, a moderate Democrat whose state's economy is dependent upon fossil fuel, said in a statement.

"I have carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements. 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," he continued.

Raskin has, in the past, argued that financial regulators ought to use their power to limit the flow of capital to the fossil fuel industry.

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