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AP National Business

Embattled Federal Reserve pick Raskin withdraws nomination

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KMIZ

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Published 2:30 PM

By ZEKE MILLER and CHRISTOPHER RUGABER
Associated Press

WASHINGTON (AP) — Sarah Bloom Raskin has withdrawn her nomination to the Federal Reserve’s Board of Governors after a key Democrat joined with all Senate Republicans to oppose her confirmation. West Virginia Sen. Joe Manchin announced Monday that he opposed Raskin’s confirmation, and all Republicans in the evenly-split 50-50 Senate had indicated they planned to block her for the position of the Fed’s top banking regulator. Republicans argued that Raskin would use the Fed’s regulatory authority to discourage banks from lending to oil and gas companies. President Joe Biden said in a statement that Raskin had been subject to baseless attacks from industry and conservative interest groups.

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