'I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board,' said Manchin, a moderate Democrat who has been a persistent roadblock for Biden administration initiatives in Congress.
FILE PHOTO: U.S. Senate Banking Committee holds hearing for Federal Reserve nominees on Capitol Hill in WashingtonWASHINGTON -Sarah Bloom Raskin's nomination to become the top bank regulator at the Federal Reserve, already stalled by Republicans, was dealt a heavy blow on Monday after she lost the backing of a senator from President Joe Biden's Democratic Party.
Raskin, however, is the most contentious of Biden's five nominees to the Fed's Board of Governors and faces strong Republican opposition. The Democratic president also has nominated Fed Chair Jerome Powell for a second term. After Manchin's statement, the White House signaled it was sticking with her and was trying to line up Republican support.
Toomey and his fellow Republicans on the banking committee have blocked Raskin's nomination from advancing by refusing to appear for a panel vote on the Fed nominees. They say past remarks indicate she would further a green energy policy that they fear could reduce fossil fuel companies' access to capital.
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