Sarah Bloom Raskin withdraws name from consideration for Fed role

March 15 (UPI) -- Sarah Bloom Raskin withdrew her name from consideration as the Federal Reserve's banking cop Tuesday, the White House announced.

The former deputy secretary of the treasury and former member of the Fed's board of governors made the decision after facing stiff opposition to her nomination among Republicans and one Democrat -- Sen. Joe Manchin of West Virginia.

Raskin notified President Joe Biden in a letter Tuesday.

"Addressing the transition of the economy as it grapples with the effects of climate change is critical to the future of American prosperity," she wrote, according to The Washington Post. "I stand with the vast majority of financial regulators and central banks in the United States and abroad recognizing these facts."

Biden issued a statement supporting Raskin's decision to withdraw her name as well as her previous record.

"Despite her readiness -- and despite having been confirmed by the Senate with broad, bipartisan support twice in the past -- Sarah was subject to baseless attacks from industry and conservative interest groups. Unfortunately, Senate Republicans are more focused on amplifying these false claims and protecting special interests than taking important steps toward addressing inflation and lowering costs for the American people," he said.

"I am grateful for Sarah's service to our country and for her willingness to serve again, and I look forward to her future contributions to our country."

Manchin said Monday he wouldn't support Biden's nomination of Raskin to the position due to concerns over her positions on energy policy. That announcement meant at least one Republican would have to support her in the confirmation process.

"I have carefully reviewed Sarah Bloom Raskin's qualifications and previous public statements," Manchin said in a statement. "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.

"I have come to the conclusion that I am unable to support her nomination to serve as a member of the Federal Reserve Board," he said.

Biden last month nominated Raskin, a former Fed governor, to serve in the key position of vice chair for supervision, which in effect is the body's top enforcer of banking regulations.

The choice, however, quickly drew Republican criticism due to her stated aims of incorporating climate change concerns into the Fed's regulatory actions.

Raskin served as a Treasury Department deputy secretary under former President Barack Obama, overseeing its various agencies and departments, pursuing solutions related to climate change risk and cybersecurity, as well as defending consumer safeguards in the financial marketplace.

In her first term on the Fed, between Oct. 4, 2010, and March 13, 2014, she helped to conduct the nation's monetary policy, seeking to promote financial stability.

She is married to U.S. Rep. Jamie Raskin, D-Md., who is a member of the House committee that is investigating the Jan. 6 insurrection.

Don Jacobson contributed to this report.