Sen. Joe Manchin says he will not support Raskin’s nomination to Federal Reserve
Trending
Sen. Joe Manchin on Monday said he would not support Sarah Bloom Raskin’s nomination as vice chair to the Federal Reserve board.
Raskin opposes fossil fuel-based energy, and has called for the Fed to create policies that would push banks to not invest in companies working in the coal, oil or natural gas industries.
That would impact thousands of workers in West Virginia and Ohio and also hurt both states’ economies.
"Now more than ever, the United States must have policy leaders and economic experts who are focused on the most pressing issues facing the American people and our nation – specifically rising inflation and energy costs,” said Manchin, D-W.Va. “I have carefully reviewed Sarah Bloom Raskin's qualifications and previous public statements. 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.
"The Federal Reserve Board is not an institution that should politicize its critical decisions. This is a 10-year term to perhaps the most important independent body that is tasked with ensuring the stability of the American economy. At this historic moment for both the United States and the world at large, it is imperative the Federal Reserve Board preserves its independence and steers clear of any hint of partisanship. Instead, the Federal Reserve Board must remain hyper focused on ending the inflation taxes hurting working families and getting more workers off the sidelines and back into the economy. The time has come for the Federal Reserve Board to return to its defining principles and dual mandate of controlling inflation by ensuring stable prices and maximum employment. I will not support any future nominee that does not respect these critical priorities."