• By The Financial District

Biden Nominee For Top Fed Regulatory Post Quits

Sarah Bloom Raskin on Tuesday (Wednesday, Mar. 16, 2022, in Manila) withdrew as President Joe Biden's nominee to become the top bank regulator at the Federal Reserve, Dan Burns reported for Reuters.

Photo Insert: Sarah Bloom Raskin

Her withdrawal came one day after a key Democratic senator, West Virginia’s Joe Manchin, and moderate Republicans said they would not back her, leaving no path to confirmation by the full Senate.

While Manchin is not a member of the committee assessing Rankin’s qualifications, his vote is crucial to confirm the Biden nominee. Manchin has practically toed the Republican position on all bills, killing the social safety proposal central to Biden’s agenda.

The Associated Press (AP) reported that Manchin was opposed to Rankin’s firm belief in reversing climate change and reducing the impact of coal on the environment. Manchin is a fierce defender of the coal and gas lobbies.

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