Biden withdraws his candidate for the Fed due to lack of support in the Senate

The president of the United States, Joe Biden, withdrew on Tuesday the nomination of his candidate for the board of governors of the Federal Reserve (Fed), Sarah Bloom Raskin, as he did not have enough support in the Senate for his confirmation to go ahead.

Previously, own Raskin sent a letter to the president asking him to resign “with great sorrow” before him “boycott” of senators to his candidacy.

“Despite her training and despite having been confirmed to two other seats in the past by the Senate with broad bipartisan support, Sarah was subjected to baseless attacks from industry and conservative interest groups”indicated the White House it’s a statement.

Despite blaming the failure of the nomination on Republican Partywhich really knocked down the options of the candidate for Biden was the opposition on the part of the democratic senator Joe Manchina key support since the progressives have only 51 votes (half of the chamber plus one), so to pass any measure they need to have 100% of their ranks.

“Your statements do not satisfy my concerns about the importance of financing energy policy. I can’t support nominating him.”explained on the eve (Monday) Manchin in a statement.

Raskin had been proposed by Biden to become vice president for Fed Supervision, the body’s main banking regulator.

A former member of the board of governors, Raskin had promised greater efforts by the central bank to analyze how climate change threatens the financial stability of the United States and its economy.

The candidate for Biden also worked in the Treasury Department under the government of Barack Obama (2009-2017) and has taught at several universities, including the state of Maryland.

The Republicans of Banking Committee the Senate They already boycotted in February the scheduled vote to approve Raskin’s appointment because of his position on the climate crisis.

It is not the first time that Manchin has distanced himself from his fellow ranks, since last December he overturned Biden’s ambitious $1.75 trillion social spending plan with his vote, arguing that it would trigger inflation.

Manchin is closely linked to the mining sector in West Virginia, one of the most conservative states in the country, and has always tried to distance himself from the more progressive wing of the Democratic Party.