Biden's Federal Reserve pick withdraws nomination, blames 'relentless attacks by special interests'

Biden claimed Raskin was "subject to baseless attacks from industry and conservative interest groups."

Hannah Nightingale Washington DC

President Joe Biden's nominee Sarah Bloom Raskin withdrew her candidacy Tuesday to be vice chairman for supervision and member of the Federal Reserve Board of Governors, citing "relentless attacks by special interests."

The withdrawal comes just one day after Democrat Senator Joe Manchin stated that he would not support her nomination, pointing to issues with her stance on energy as inflation continues to rise in the US, according to Fox News.

In a letter to Biden obtained by the New Yorker, Raskin blamed her move to remove her nomination on "relentless attacks by special interests" who opposed her view that climate change could pose a threat to economic stability.

"I fear, however, many in and outside the Senate are unwilling to acknowledge the economic complications of climate change and the toll it has placed, and will continue to place, on Americans," Raskin wrote in her letter to Biden.

"Addressing the transition of the economy as it grapples with the effects of climate change is critical to the future of American prosperity. I stand with the vast majority of financial regulators and central banks in the United States and abroad recognizing these facts," she continued.

"Their point of contention was my frank public discussion of climate change and the economic costs associated with it. 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," Raskin wrote in response to those who have urged against her nomination.

Biden echoed her sentiments in a statement released on Tuesday, saying her nomination was subject to "baseless attacks from industry and conservative interest groups."

"Unfortunately, Senate Republicans are more focused on amplifying these false claims and protecting special interests than taking important steps toward addressing inflation and lowering costs for the American people," he continued.

Raskin's move marks yet another high-raking Biden nominee to withdraw their name for consideration within the banking sector.

In December, Saule Omarova, Biden's nominee for Office of the Comptroller of the Currency formally withdrew her name from consideration after receiving backlash for her past pro-communism remarks. Omarova's nomination received backlash after it was revealed that she has voiced support for Soviet Union policies.


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