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Manchin would not endorse Ruskin for the Federal Reserve, potentially ruining his nomination.

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Manchin would not endorse Ruskin for the Federal Reserve, potentially ruining his nomination.

West Virginia Senator Joe Manchin III, a leading centrist, announced Monday that he would not endorse Sarah Bloom Ruskin for the top spot in the Federal Reserve, potentially ending her chances for confirmation amid a Republican blockade. .

Without Republican support in an evenly divided Senate, Democrats require all 50 senators who vote in favor of Ms. Ruskin to join with their party to become the Federal Reserve’s vice chair of oversight. Republicans have so far withheld his nomination to the committee, citing concerns about his position on climate regulation and his work in the private sector.

Mr Manchin, who has close ties to the fossil fuel industry and who has dismissed much of President Biden’s climate agenda, cited concerns about his statements on climate and energy policy, and explicitly stated that the board was “a There is no institution that politicizes its criticism. Verdict.”

“His previous public statements have failed to satisfactorily address my concerns about the critical importance of funding an above-mentioned energy policy to meet our nation’s critical energy needs,” Mr Manchin said in a statement. “I have come to the conclusion that I am unable to support his nomination to serve as a member of the Federal Reserve Board.”

He added that, “The Federal Reserve Board must remain hyper-focused on eliminating inflation taxes that hurt working families and bringing more workers off the edge and back into the economy.”

It is not clear whether former Fed governor and Obama administration official Ms. Ruskin has the votes to approve the Senate without Mr. Manchin’s support. The White House vowed to go ahead with her nomination, with a spokesperson emphasizing Ms Ruskin’s qualifications and outside support.

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“She has garnered widespread support because of an unprecedented, baseless campaign led by oil and gas companies that has sought to tarnish her distinguished career,” said Chris Meagher. White House Spokesperson, “We are working to get the bipartisan support he deserves so that he can be confirmed by the Senate for this important position.”

There has been a disagreement among lawmakers on the Senate Banking Committee over Ms. Ruskin’s nomination. Republicans have boycotted a hearing that committee Democrats have on objections to Ms. Ruskin’s selection by Jerome H. Powell will push forward a full slate of major banking nominations, including the re-nomination of Fed Chairman, Jerome H. Powell.


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