Joe Biden Bails on Sarah Bloom Raskin Nomination to Federal Reserve

President Joe Biden announced Tuesday he would withdraw his nomination of Sarah Bloom Raskin to serve on the Federal Reserve Board of governors after it was clear she would not win confirmation from the Senate.

“Sarah was subject to baseless attacks from industry and conservative interest groups,” Biden complained in his statement, blaming Republicans for “amplifying these false claims” instead of moving forward to confirm his nominee.

Biden made the announcement a day after Sen. Joe Manchin (D-WV) said he would not vote to confirm Raskin, expressing concerns about her comments about energy.

Raskin authored a New York Times op-ed in 2020 describing the oil industry as dying, suggesting she would discourage banks from financing oil and gas companies.

“The Federal Reserve Board is not an institution that should politicize its critical decisions,” Manchin said on Monday, noting it is “imperative the Federal Reserve Board preserves its independence and steers clear of any hint of partisanship.”

Raskin was also seen as a partisan political choice, as she is the wife of Rep. Jamie Raskin (D-MD). Rep. Raskin allegedly violated the STOCK Act by failing to disclose his wife’s $1.5 million stock payout.

Officially, Raskin withdrew her candidacy after it was clear she did not have the votes to clear the Senate.

Biden expressed regret that the Senate did not confirm her and wished her well.

“I am grateful for Sarah’s service to our country and for her willingness to serve again, and I look forward to her future contributions to our country,” he said.

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