Democratic Senator Joe Manchin announced on Monday his opposition to the nomination of attorney Sarah Bloom Raskin to the Federal Reserve Board. Ranskin was nominated for the position by US President Joe Biden, but the nomination still requires Senate approval.
In a statement, Manchin justified the decision with concerns about her commitment to the energy sector. At the beginning of the pandemic, Raskin published an article in the newspaper The New York Times in which he argued that the Fed should consider excluding companies linked to the production of fossil fuels from the monetary authority’s emergency programs.
For Manchin, the statements contradict the need to create an energy policy that addresses critical issues for the entire country. “The Federal Reserve Board is not an institution that should politicize its critical decisions,” she said. “At this historic moment for the US and the world at large, it is imperative that the Federal Reserve Board preserve its independence and stay away from any hint of partisanship,” he added.
The senator argued that the Fed must remain focused on fighting inflation and prioritize the terms established in its mandate. “I will not support any future candidate who does not respect these critical priorities,” he said.
Manchin’s opposition raises doubts about the viability of Raskin’s nomination, which needs to be endorsed by a simple majority. As the Democrats have only 50 senators, with a casting vote for Vice President Kamala Harris, the nominee will need the support of Republicans to be nominated.
In addition to Raskin, Biden appointed Lisa Cook and Philip Jefferson to the Fed. He also reappointed Jerome Powell to a second term as president of the institution and nominated Lael Brainard for vice president.
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