Sarah bloom raskin joe manchin7/30/2023 ![]() ![]() The heads of the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation lead their agencies in an acting capacity with no current nominees to either role. Sarah Bloom Raskin withdrew her nomination for the Federal Reserve Board Monday after centrist Senator Joe Manchin declared his opposition, denying her the crucial vote required for her confirmation in the evenly-split chamber. The Vice Chair of Supervision seat at the Federal Reserve has been empty since Vice Chair Randal Quarles left late last year. Raskin’s withdrawal is another obstacle in the Biden Administration’s efforts to appoint leaders at the three federal bank regulatory agencies. The Committee acted later on Wednesday, and the four other Fed nominees (along with an FHFA nominee) held up by the boycott of the vote by Committee Republicans will now move to a vote by the full Senate. The Senate Banking Committee did not take long to give the four other Fed nominees that up-or-down vote. President Biden again praised that past experience, but noted “nfortunately, 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.” President Biden went on and urges the Senate Banking Committee “to move swiftly to confirm the four eminently qualified nominees for the Board of Governors − Jerome Powell, Lael Brainard, Philip Jefferson, and Lisa Cook − who are still waiting for an up-or-down vote.” Joe Manchin III will not support one of President Joe Biden’s picks to sit on the Federal Reserve Board, Sarah Bloom Raskin of Maryland, Manchin said Monday. Raskin on Tuesday withdrew her nomination to a key Fed banking role. Raskin for her willingness to serve again after previously serving as a Federal Reserve Governor and a Deputy Secretary of the Treasury. Sarah Bloom Raskin speaks during her confirmation hearing at the Senate Banking Committee on Feb. President Biden issued a statement thanking Ms. Joe Manchin (D-WV) announced that he had “come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board.” By not attending Committee meetings, the Senate Banking Committee lacked the necessary quorum to vote on the nominations. Raskin’s nomination, along with four other Fed nominees, by Republicans on the Senate Banking Committee. The withdrawal follows the boycott of Ms. Earlier this week, Sarah Bloom Raskin withdrew her nomination to be Vice Chair of Supervision and a Governor at the Federal Reserve Board. Joe Manchin, a West Virginia Democrat, said Monday that he opposes the nomination of Sarah Bloom Raskin to a key position on the Federal Reserves Board of Governors, endangering her.
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