Sarah Bloom Raskin withdraws nomination to Fed board

[demmiblue]

Source: WaPo

Raskin’s path was all but doomed after Republicans on the Senate Banking Committee boycotted her confirmation vote and Sen. Joe Manchin said he opposed her.

Sarah Bloom Raskin, President Biden’s pick for the Fed’s top banking regulator, withdrew her nomination on Tuesday, according to a source familiar with the process, after Republicans and one key Democrat opposed her confirmation.

Raskin’s nomination to the job of vice chair for supervision first came under pressure when GOP lawmakers came out against her, pointing to her focus on climate change and its threat to financial stability. But her candidacy was put in jeopardy after Republicans on the Senate Banking Committee boycotted her confirmation vote, raising questions about her time on the board of a Colorado payments firm that got access to a Fed payments systems during her tenure on the company’s board.

On Monday, Sen. Joe Manchin III, a key Democratic vote, said he opposed Raskin because of her stance on energy in an era of inflation.

The New Yorker first reported news of Raskin’s withdrawal. Raskin did not immediately return a request for comment.

Read more: https://www.washingtonpost.com/us-policy/2022/03/15/sarah-bloom-raskin-fed-withdraw/

[forgotmylogin]

1. So, Manchin is president now?

Because he gets to veto legislation for the entire country.

I was mad the same way when McConnell was majority leader and could pocket-veto by just not bringing legislation to the floor.

[Rebl2]

9. He thinks he is

So sick of him🤬

[yaesu]

2. Well, Manchin got his weekly push to the front of the news line. nt

[jalan48]

3. The Owners of the USA said no.

Raskin wrote in a column last year that U.S. bank regulators must "leave their comfort zone" and begin regulating how financial institutions are contributing to the planetary emergency by funding fossil fuel emissions.

As Jane Mayer wrote in The New Yorker earlier this month, fossil fuel companies, fearing that at the Fed Raskin could identify the climate crisis as a long-term systemic risk to the economy and regulate accordingly, have led right-wing senators in their campaign to stop Raskin's confirmation:

The industry's fears were made clear at the end of January, when a coalition of forty-one energy-business trade associations that opposed Bloom Raskin's nomination wrote a letter to the committee in which they called Bloom Raskin "a strong advocate for debanking" fossil-fuel companies... In their letter, the associations called Bloom Raskin an environmental "alarmist" with "a crisis mentality" because she has stated that climate change could result in "an unlivably hot planet."

he U.S. Chamber of Commerce—which counts among its board members executives from natural gas company ConocoPhillips, a top contributor to Manchin this year, and other fossil fuel firms—also wrote to the committee warning senators to reject Raskin.

https://www.commondreams.org/news/2022/03/14/latest-climate-obstruction-manchin-refuses-support-sarah-bloom-raskin-fed

[mountain grammy]

12. Exactly!

File this one under "Nice Try" Joe.

[Dr. T]

4. Uh, do these knuckleheads

not realize the financial implications of doing nothing to reverse climate change? Asking for a friend.

[Irish_Dem]

6. The rich aren't going to pay for the cc damage. The taxpayer will have to pick up the tab.

[underpants]

8. One of my all time favorite cartoons

[NotHardly]

5. Tell me you're afraid of Black Women w/o telling me you aren't afraid of Black Women

[demmiblue]

7. Umm...

[elleng]

10. ;-(

[Samrob]

11. Sad. Didn't Biden appoint Manchin's wife to some cushy job. Wish he hadn't.

Manchin is no friend and his wife has scant qualifications for anything compared to Raskin.

[walkingman]

13. I cannot understand why the American public doesn't take climate change

seriously. I know they worship the fossil fuel industry but most people have children and grandchildren or at least nieces and nephews - is this the kind of world that you want to leave for them?

Surely the lily-white Christians are not that damn stupid?

[LiberalLovinLug]

16. Why don't the Democrats use this as a PR campaign?

This is only one small example of moments when Democrats seem so behind the times. AOC was right when she said something to the effect that Democratic communication is not effective in this social age.

These kinds of stories get lost after a day. Instead there should be a Dummies version of the key points about what exactly the Republicans are choosing for the American people. The ramifications of not apponting someone who would help stave of a climate disaster for their grandkids and instead finding someone more oil industry friendly bent on short term gain for his peers.

Pound these out, for every "small" story as well. I know it gets some press, on some networks, but not like a Lincoln project type campaign only that Democrats would control. One thing Republicans have learned in using The Big Lie theory how well that works. They now use it not just for things like "Trump actually won in 2020"...but all kinds of conspiracies. They flood the airwaves and netwaves with this every day, for everything.
We could use the same idea....only with truth bombs instead of lies.

[Mr. Sparkle]

14. All those Senators are bought by big oil and the coal lobby

They are a bunch of fossils

[maxsolomon]

15. Why we're doomed part 92,138,572,239,087,435

We'll never address Climate Change at the Federal Level. Humans will never react to slow, looming crises - only immediate ones.

Time to dispense with the pretense that we care about the planet's future.