Manchin opposes Sarah Bloom Raskin for Fed over energy comments, dashing prospects of


Sen. Joe Manchin said Monday that he will not support Sarah Bloom Raskin to be the vice chair for supervision at the Federal Reserve, almost certainly dooming her confirmation prospects. 

“Now more than ever, the United States must have policy leaders and economic experts who are focused on the most pressing issues facing the American people and our nation – specifically rising inflation and energy costs,” Manchin, D-W.Va., said. 

Sarah Bloom Raskin, nominee to be vice chairman for supervision and a member of the Federal Reserve Board of Governors, speaks before a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill on February 3, 2022 in W (Ken Cedeno-Pool/Getty Images / Getty Images)

MANCHIN TO CHIEF ENERGY REGULATOR HOLDING UP NATURAL GAS PROJECTS

“I have carefully reviewed Sarah Bloom Raskin’s qualifications and previous public statements. Her previous public statements have failed to satisfactorily address my concerns about the critical importance of financing an all-of-the-above energy policy to meet our nation’s critical energy needs,” Manchin added. “I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board.”

Raskin now would need at least one Republican senator to support her in order to be confirmed. But that appears highly unlikely as Republicans universally opposed her in the Senate Banking Committee. They boycotted the committee business meeting where she was supposed to come up for a vote last month, denying Democrats a quorum to hold the vote. 

Joe Manchin

Senator Joe Manchin, a Democrat from West Virginia and chairman of the Senate Energy and Natural Resources Committee, speaks during a news conference at the 2022 CERAWeek by S&P Global conference in Houston, Texas, U.S., on Friday, March 11, (Photographer: F. Carter Smith/Bloomberg via Getty Images / Getty Images)

Manchin is not on the Banking Committee. But in the 50-50 Senate he wields an effective veto on any party-line votes. 

AT GLOBAL ENERGY CONFERENCE, LEADERS ACKNOWLEDGE FOSSIL FUELS NOT GOING AWAY SOON

Nevertheless, the White House says it isn’t pulling Raskin’s nomination. It said she “earned widespread support in the face of an unprecedented, baseless campaign led by oil and gas companies that sought to tarnish her distinguished career.”

“We are working to line up the bipartisan support that she deserves, so that she can be confirmed by the Senate for this important position,” the White House said. 

A spokesperson for Senate Banking Committee Chairman Sherrod Brown, D-Ohio, also said he is aiming to secure bipartisan backing for Raskin. 

“Senator Brown is working to move forward Ms. Bloom Raskin’s nomination with bipartisan support, as Ms. Bloom Raskin has earned twice before,” the spokesperson said. 

Republicans sharply criticized Raskin, alleging she supported using government levers to direct investment away from fossil fuels and toward green energy. Rakin emphasized that she would be unbiased and professional in her role at the Fed. Republicans also criticized Raskin for alleged influence-peddling, which the White House pushed back against sharply. “[Banking Committee Ranking Member] Senator [Pat] Toomey has waged a baseless smear campaign for weeks against an exceptionally well-qualified nominee without providing a single scrap of evidence to support his false claims,” White House spokesman Michael Gwin said last month.

Sarah Bloom Raskin, nominated to be vice chairman for supervision and a member of the Federal Reserve Board of Governors, listens to senators’ remarks during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill i (Bill Clark/Pool via REUTERS / Reuters Photos)

EXPERTS LAUD NEW TONE AS GRANHOLM, BIDEN CALL FOR MORE US OIL AND GAS

But since Raskin’s initial hearing, the Russia-Ukraine war broke out and global energy prices spiked as a result. That put the importance of American domestic energy production came into sharp relief, according to experts.  

Manchin, meanwhile, emphasized the Federal Reserve’s non-political mission, which Republicans argued in her hearing she would be unlikely to follow. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“The Federal Reserve Board is not an institution that should politicize its critical decisions. This is a 10-year term to perhaps the most important independent body that is tasked with ensuring the stability of the American economy,” Manchin said. “At this historic moment for both the United States and the world at large, it is imperative the Federal Reserve Board preserves its independence and steers clear of any hint of partisanship.”

FOX Business’ Edward Lawrence contributed to this report. 



Read More: Manchin opposes Sarah Bloom Raskin for Fed over energy comments, dashing prospects of

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments