Sarah Bloom Raskin withdrew as President Joe Biden's nominee to become the top bank regulator at the Federal Reserve, clearing the way for the Senate to act on the remaining nominees, which include Jerome Powell for a second term as the Fed's chair
"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," Biden said in a statement.
Her withdrawal clears the way for the Senate to act on the four remaining nominees, which include Jerome Powell for a second term as the central bank's chair. The banking committee's top Republican, Pat Toomey, said on Tuesday he and his colleagues were now ready to vote. When Senator Joe Manchin of West Virginia, a conservative Democrat from a Republican-leaning state that is among the country's biggest coal producers, announced his opposition to Raskin on Monday - followed by "Nos" from moderate Republicans - her nomination was effectively over.
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