Senate

Banking chairman sticking with Raskin despite Manchin opposition

Senate Banking Committee Chairman Sherrod Brown (D-Ohio) said Monday he is keeping Sarah Bloom Raskin, President Biden’s nominee to serve as vice chair of supervision, in his package of nominees to the Federal Reserve, despite the opposition of Sen. Joe Manchin (D-W.Va.).  

Brown said he’s going to force Manchin and Republicans to vote Raskin down on the Senate floor and won’t drop her from the package of Fed nominees that includes a new term for Chairman Jerome Powell.  

“Why would we not move forward? Have a vote. Vote her down if they want. Vote her up. Either way, have a vote,” Brown told reporters Monday.  

He is predicting Raskin can still win confirmation to the Fed, despite her controversial views about the central bank weighing the financial risks of climate change. 

“There are several people in play. We’re still going to confirm her,” Brown said. “We will confirm her.” 

He accused Raskin’s Republican critics of being “enthralled in the fossil fuel industry.” 

“It’s dark money. It’s typical oil company contributors to Republican senators,” he added.   

Brown’s stance means Biden’s other Fed nominees will remain stalled in committee until Republicans agree to a vote on Raskin or the White House withdraws her nomination. 

In addition to Powell, whom Biden has nominated to serve a second term as chairman, the Banking Committee is also considering Lael Brainard to serve as vice chair and Lisa Cook and Philip Jefferson to serve as governors.

Republicans have kept Raskin bottled up in the committee by refusing to show up to committee meetings to vote her to the floor.  

Senate Majority Leader Charles Schumer (D-N.Y.) can’t discharge a nominee to the floor without a vote in committee, and the Banking panel’s rules don’t allow a vote until a quorum is present. Republicans can deny a quorum by boycotting a meeting. 

Brown made his comments shortly after Manchin, who’s not a member of the Banking Committee, announced he won’t support her confirmation when it comes to the floor. The loss of Manchin means Raskin would have a very tough time getting a simple majority in the 50-50 chamber.  

The two most likely Republicans to vote with Democrats — centrist Sens. Susan Collins (Maine) and Lisa Murkowski (Alaska) — announced Monday afternoon that they don’t support Raskin.  

Collins told reporters that “there is not a path forward for her,” while Murkowski called her a “flawed nominee.” 

Their comments appear to doom Raskin’s nomination after Manchin issued a statement earlier in the day announcing, “I am unable to support her nomination to serve as a member of the Federal Reserve Board.”  

“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,” he said.

Tags Charles Schumer Jerome Powell Joe Biden Joe Manchin Lisa Murkowski Sherrod Brown Susan Collins

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