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Biden Hits Manchin Roadblock Again as Raskin Nomination Falters

  • White House continues to tout Fed nominee as qualified pick
  • Raskin’s views on Fed regulation on climate made her high risk
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WATCH: Senator Pat Toomey, a Republican from Pennsylvania, says Democratic Senator Joe Manchin’s opposition to President Joe Biden’s nominee for the Federal Reserve vice chair of supervision, Sarah Bloom Raskin, dooms the nomination as a “practical matter.” Source: Bloomberg

President Joe Biden suffered another embarrassing setback on Capitol Hill on Monday when Democratic Senator Joe Manchin likely doomed a key Fed nominee over her position on climate change.

Biden’s choice of Sarah Bloom Raskin as the Fed’s vice chair for supervision -- the board’s top banking regulator -- was championed by progressive advocacy groups in large part because of her support for regulations on climate financial risks.