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Tipsheet

Manchin Puts Biden's Latest Fed Nominee on the Path to Defeat

AP Photo/J. Scott Applewhite

Democratic Senator Joe Manchin announced Monday morning he will oppose Sarah Bloom Raskin as a member of the Federal Reserve Board, putting her nomination on the path to defeat. 

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"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. 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 crucial importance of financing an all-of-the-above energy policy to meet our nation's critical energy needs. I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board," Manchin released in a statement. 

"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 ensuing the stability of the American economy," Manchin continued. "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. Instead, the Federal Reserve Board must remain hyper focused on ending the inflation taxes hurting working families and getting more workers off the sidelines and back into the ecnomony. The time has come for the Federal Reserve Board to return to its defining principles and deal mandate of controlling inflation by ensuring stable prices and maximum employment. I will not support any future nominee that does not respect these crucial priorities." 

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During her confirmation hearing in February, Raskin came under scrutiny for extreme positions and biases against the oil and gas industry. 

In December, President Biden suffered another defeat when the nomination of Saule Omarova -- slated to become the comptroller of the currency at the Treasury Department -- was withdrawn after it became clear a confirmation vote would fail. Omarova previously stated she intended to bankrupt oil and gas companies. She also supported the elimination of private banking.  

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