Fed's Popular Name Sarah Bloom Raskin withdraws from the candidacy

Sarah Bloom Raskin, whom Joe Biden nominated for the position of Vice President of Financial Institutions of the US Federal Reserve (FED), withdrew from the candidacy.

According to the New Yorker's assessment, it was stated that Sarah Bloom Raskin withdrew from the Fed's Vice Chairman of Financial Institutions due to a lack of support from the Republicans. Bloom Raskin announced his decision in a letter to the White House.

Biden, the vice president of the United States, said that despite Sarah Raskin's readiness for office and receiving broadly supported Senate approval twice in the past, industry and conservative interest groups have faced "baseless attacks".

Biden said, "Unfortunately, Senate Republicans are more focused on amplifying these false claims and protecting private interests rather than taking important steps to address inflation and lower the costs of the American people."

The U.S. Senate Banking Committee hearing, scheduled for February, to vote on the nominations of Leal Brainard, Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson for bank vacancies, including Fed Chairman Jerome Powell's nomination for a second term, was postponed amid a Republican boycott.

After Raskin's announcement that he would not run for office, the way for votes on the nominations of those nominated for other vacancies at the Fed was cleared.