Raskin's confirmation in doubt as Manchin opposes Biden's Fed nominee.

• On Monday, Sen. Joe Manchin, the most conservative Democrat in the Senate, stated his opposition to Sarah Bloom Raskin's nomination to the Federal Reserve.
• Manchin stated that her previous public statements did not adequately address his concerns about the crucial need for financing an all-of-the-above energy policy.
• The energy industry has been a source of intense attacks against Raskin, according to the White House.
• The Biden administration and Sen. Sherrod Brown, D-Ohio, are looking for bipartisan backing for Raskin's nomination.

On Monday, Sen. Joe Manchin, the most conservative Democrat in the Senate, announced his opposition to one of President Joe Biden's nominees to the Federal Reserve, leaving her candidacy with the slimmest of hopes.

Manchin stated that after reviewing Sarah Bloom Raskin's qualifications and public statements, he was not satisfied with her responses regarding the importance of financing an all-of-the-above energy policy to meet the nation's critical energy needs.

He stated that he could not back her appointment to the Federal Reserve Board.

Raskin's bid to become the Fed's next vice chair for supervision faces serious doubt due to Manchin's formal opposition, despite Raskin's previous experience as a Fed governor and deputy Treasury secretary.

If a Senate split 50-50, a single Democratic defection can jeopardize presidential nominations, even if she could gain support from a moderate Republican.

The energy industry is the source of many of the most intense attacks against the White House's candidate, according to a statement made Monday.

"Sarah Bloom Raskin is a highly qualified candidate for the Federal Reserve Board of Governors, despite an unfounded campaign led by oil and gas companies to discredit her. The White House is working to gather bipartisan support for her confirmation."

An aide for Sen. Sherrod Brown, the Ohio Democrat who heads the Senate Banking Committee, shared a similar perspective.

Ms. Bloom Raskin's nomination is being supported by Senator Brown with bipartisan backing, as she has earned it twice before, according to his office's email to CNBC.

For weeks, Manchin has worked to support the U.S. energy industry as oil and gas prices rise after Russia's invasion of Ukraine, despite previously stating that his own party should advance Biden's four other Fed nominees without Raskin.

Biden has appointed Jerome Powell for a second term as Fed chair, Lael Brainard as vice chair, and Lisa Cook and Philip Jefferson as Fed governors. A spokesperson for Senate Majority Leader Chuck Schumer did not respond to CNBC's request for comment.

On Monday, Manchin stated that he believes Raskin, who has advocated for stronger climate policies and criticized the energy sector, would politicize her decisions if appointed to the Fed.

""I will not support any future nominee for the Federal Reserve Board who does not prioritize controlling inflation and ensuring stable prices and maximum employment, as these are the defining principles of the institution," Manchin stated."

Executives from the coal, oil, and gas industries are among Manchin's top donors. In the past year, he has received contributions from Ryan Lance of ConocoPhillips, Vicki Hollub of Occidental Petroleum, and R. Lane Riggs of Valero Energy.

The standoff between Democrats and Republicans on the Senate Banking Committee has been ongoing for weeks, culminating in the GOP's boycott of a vote on the president's candidates due to opposition to Raskin.

The Banking Committee ranking member, Sen. Pat Toomey of Pennsylvania, and the Republicans are open to holding a vote on Powell, Brainard, Cook, and Jefferson. However, the Democrats, led by the White House and Brown, will only hold a vote if all nominees are included.

Senator Manchin's suggestion that Ms. Raskin's past advocacy for the Federal Reserve to allocate capital and discriminate against traditional energy companies would politicize the Fed and weaken economic growth at a crucial moment in history was echoed by Toomey in a press release Monday afternoon.

The two sides have fought since early February over Raskin's fate.

During her confirmation hearing on Feb. 3, Republicans launched their attacks against Raskin, with several GOP senators criticizing her views on climate policy and the potential Fed move to discourage banks from lending to fossil fuel companies.

During the hearing, Senator Cynthia Lummis, R-Wyo., mentioned Raskin's past work with fintech company Reserve Trust, which was seeking a master account at the Fed in 2017 to gain access to the central bank's payments system.

In 2018, the Kansas City Fed approved the company's second request for an account after Raskin's personal intervention, just months after she left her job as deputy Treasury secretary.

The GOP's revolving door concerns are a facade for the true reason they oppose Raskin, as Democrats have argued repeatedly.

The Fed's top banks regulator is more qualified than Raskin, according to the White House, given her extensive experience in government and previous work at the Treasury Department and central bank. Many Obama-era administration officials, including former Treasury Secretary Jack Lew, have also supported her nomination.

The Fed is expected to raise interest rates this week, but economists warn that doing so could lead to a recession due to the high inflation rate of 7.9%.

In order to address the ongoing economic recovery, inflation, and the end of peace and security in Europe due to Russia's invasion of Ukraine, it is crucial for the Federal Reserve to be fully operational, as stated by Lew in March.