Biden Fed nominee Sarah Bloom Raskin withdraws: source
-
Turkish Energy Minister Highlights Qatar as Key Partner for Regional and Global Energy Security
-
Rene Eyre Revisits Autobiographical Performance 'Say A Little Prayer' in London
-
London Museum Granted 24/7 License Ahead of November Opening
-
UAE's HCT Holds Record Graduation and Announces Major Training Expansion
-
Dana White Confirms Flight to Washington for Trump Meeting on Press Secretary Role
-
NASA Awards $10B Lunar Contract Framework to SpaceX, Blue Origin
-
Dengue Fever Expands Into High Himalayas as Climate Change Warms Nepal
-
Katy Perry Tells Fans Ex-Husband Russell Brand 'Should Be in Jail' During UK Concert
-
IoT Refrigerator Hacks Disrupt Blood Labs and Supermarkets Across Europe and US
-
South African election results renew debate over identity-based voting
-
Post-election pressures complicate US and Israeli decisions on Iran
-
South African voters report smoother local election but declining IEC trust
-
UN members approve talks on treaty protocol against environmental crime
-
Dolly Parton museum and Nashville hotel open after singer’s death
-
Family-run West Sussex beach café prepares for first winter season
-
George and Amal Clooney attend New York political-comedy reading
-
CT scans reveal health and burial clues from Egypt’s Braided Lady mummy
-
British buyers pay substantial premiums for period-home appearance
-
Oxford faces complaints over lecturer’s classroom attire
-
Thomas Markle released to house arrest after child-abuse-image charge
-
Kyren Wilson and John Higgins reach International Championship snooker final
Biden Fed nominee Sarah Bloom Raskin withdraws: source
US President Joe Biden's nominee for the role of the top Federal Reserve banking cop Sarah Bloom Raskin said Tuesday she was withdrawing her name from consideration, a source familiar with the matter told AFP.
Raskin had previously won bipartisan approval for senior roles at the Fed and Treasury, but now faces opposition from Republicans as well as a key Democratic lawmaker over her stance on climate change.
Disagreements over Raskin's nomination had led the Republican opposition in the Senate to boycott a committee vote on her post and four other top Fed positions, stalling their progress towards approval in Congress' upper house.
In a letter published by The New Yorker, Raskin cited the boycott as a factor in her decision to drop out.
"There is hard and urgent work ahead for the Federal Reserve," she wrote.
"If I step away from this confirmation process, there can be no excuse left for a continued boycott of the Constitution's 'advice and consent' process and the Senate's corresponding refusal to attend to our nation's real economic needs. With a heavy heart, I therefore hereby withdraw my candidacy."
The Biden administration's hopes to end the blockade were badly damaged Monday when Senator Joe Manchin, a centrist Democrat in the chamber where the party has a one-vote majority, cited statements by Raskin he said were hostile to the oil industry and said he would not support her candidacy.
With the United States experiencing a rise in consumer prices at a pace not experienced for four decades, the Fed is poised to begin lifting interest rates from zero this year, with the first increase expected at the conclusion of its policy meeting on Wednesday.
Biden had nominated Raskin in January to the role of vice chair for supervision, which oversees the nation's banks, and also tapped Lisa Cook and Philip Jefferson to fill two other open positions on the seven-person Fed board.
The Senate Banking Committee was considering their candidacies along with those of Fed Chair Jerome Powell, whom Biden nominated to a second term as leader of the central bank, and Lael Brainard, whom the president named as Powell's deputy.
Powell is a Republican, but Brainard and Raskin belong to the Democratic party. Biden has pledged to increase diversity at the central bank, and Jefferson is African American while Cook would be the first Black woman on its board.
A.Santos--PC
