Sarah Bloom Raskin, President Joe Biden’s controversial nominee to the Federal Reserve Board, has withdrawn her nomination one day after Sen. Joe Manchin (D-W.Va.) revealed he couldn’t support her candidacy.
Biden had picked Raskin to be the Fed’s vice chair for supervision, setting her up to become one of the most powerful banking regulators anywhere.
American Liberty News reported last month that Raskin’s candidacy faced uncertainty after Republicans on the Senate Banking Committee boycotted a vote on her appointment and that of other Fed nominees. (RELATED: Republican Boycott Leaves Fate of Biden Nominees Uncertain)
CNBC further reports:
Had any Republican agreed to attend a vote, even if they had voted against Raskin, their mere presence would have allow all five nominees to advance out of the Banking Committee. But, in the end, opposition from within Biden’s own party doomed Raskin.
“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,” Manchin said in a statement released Monday.
The White House, which did not immediately respond to CNBC’s request for comment, said Monday that many of the most intense attacks against Raskin came from within and from those with ties to the energy industry.
“Sarah Bloom Raskin is one of the most qualified people to have ever been nominated for the Federal Reserve Board of Governors,” a White House spokesperson told CNBC at the time. “She has earned widespread support in the face of an unprecedented, baseless campaign led by oil and gas companies that sought to tarnish her distinguished career.”
Led by Sen. Pat Toomey (R-Pa.), Republicans on the committee accused Raskin of influence peddling for personal gain while employed at the Obama Treasury Department.
She also faced blowback for her desire for the Fed to take an activist approach to fight climate change. (RELATED: Unhinged Biden Nominee Believes Fed Must Shut Down Oil Companies to Stop ‘Unlivably Hot Planet’)
Raskin has also faced unproven accusations that she leveraged her connections to help financial technology services company Reserve Trust. Reserve Trust become the first fintech company to receive a Federal Reserve master account — all while she sat on the company’s board of directors.
As ALN noted at the time, “According to financial disclosures filed by her husband, Congressman Jamie Raskin (D-Md.), she sold her Reserve Trust shares for $1.5 million in 2020.”
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No one can possibly be surprised at this turn of events. Biden’s handlers are trying to get all the left wing radicals they can into our government. That’s where they can do the most damage to our country.