President Biden's Embattled Federal Reserve Pick Withdraws Nomination

Sarah Bloom Raskin was nominated to the top banking regulator post but faced criticism over her stance on climate change and lending to oil companies.

Sarah Bloom Raskin withdrew her nomination Tuesday to a position on the Federal Reserve’s Board of Governors after a key Democrat had joined with all Senate Republicans to oppose her confirmation.

Related StoryPresident Biden's Fed Nomination In Peril As Manchin Opposes Pick

Sen. Joe Manchin announced Monday that he opposed Raskin's confirmation, and all Republicans in the evenly-split 50-50 Senate had indicated that they planned to block her nomination for the position of the Fed's top banking regulator.