Sarah Bloom Raskin withdraws her nomination for the Federal Reserve board.

• Sarah Bloom Raskin withdrew her candidacy to serve as President Joe Biden's nominee to the Federal Reserve.
• The Senate partisan battle over climate policy has ended after a week of Raskin's withdrawal.
• A day after Sen. Joe Manchin, a conservative Democrat from West Virginia, stated that he couldn't back her nomination, the move was made.
• Raskin, a former Fed governor and deputy Treasury secretary, was chosen by Biden to become the next vice chair for supervision at the Fed, one of the world's most influential banking regulators.

Sarah Bloom Raskin withdrew her candidacy to serve at the Federal Reserve on Tuesday, ending a weekslong partisan battle in the Senate over her views on climate policy.

The day after Sen. Joe Manchin, a conservative Democrat from West Virginia, stated that he could not support Raskin's nomination to be the Federal Reserve's vice chair for supervision, Raskin withdrew his candidacy.

If Manchin had made a different decision, her confirmation would have been more likely in a Senate split 50-50 between Democrats and Republicans.

Biden in a statement praised Raskin while blasting her opponents.

Sarah faced baseless attacks from industry and conservative interest groups, despite being confirmed by the Senate with broad, bipartisan support twice in the past and being ready, Biden stated.

The president stated that unfortunately, Senate Republicans prioritize amplifying false claims and safeguarding special interests over taking crucial steps to tackle inflation and reduce expenses for the American public.

In a letter to Biden, Raskin, a former Fed governor and deputy Treasury secretary, blamed "special interest attacks" for derailing her nomination.

According to a letter published in full by The New Yorker magazine, she wrote that she fears that many in and outside the Senate are not acknowledging the economic complications of climate change and the toll it has placed and will continue to place on Americans.

Raskin, who is married to Rep. Jamie Raskin, D-Md., wrote that it is his considered view that the perils of climate change must be added to the list of serious risks that the Federal Reserve considers as it works to ensure the stability and resiliency of our economy and financial system.

The Biden administration and the Fed are grappling with the highest inflation rate in four decades, and as a result, the end of her candidacy has been announced. A crucial Fed mandate is to regulate the inflation rate, typically by making adjustments to interest rates.

In early February, opposition from Senate Republicans emerged against Raskin's nomination due to her critical remarks about the U.S. fossil fuel industry and her research on bank lending practices away from major oil, gas, and coal producers.

The Reserve Trust board membership of Raskin was also highlighted by Republicans as an issue.

The Federal Reserve granted Trust a master account after Raskin intervened and overturned the initial denial.

The GOP opposition intensified into a complete boycott of all of the president's Fed nominees when Democrats demanded that the Biden administration's candidates be approved at the same hearing. Republicans, led by Sen. Pat Toomey of Pennsylvania, effectively thwarted Democrats' efforts to hold a legitimate vote by denying them the required quorum.

If any Republican had attended the vote, regardless of their vote outcome, the mere presence of any Republican would have allowed all five nominees to advance from the Banking Committee.

Senate Banking Committee Chairman Sherrod Brown, D-Ohio, stated that Republicans engaged in a disingenuous smear campaign, distorting Ms. Raskin's views and making unsubstantiated attacks on her character.

We did our jobs as a united Committee Democrats, stated Brown.

Raskin's nomination was ultimately rejected by his own party, despite his efforts.

In a statement Monday, Manchin criticized Raskin's previous public statements, stating that they did not adequately address his concerns about the importance of financing an all-of-the-above energy policy to meet the nation's critical energy needs.

His statement implied that he doubted Raskin's ability to remain impartial on the central bank's decisions due to her past climate comments.

Executives in the energy industry regularly donate to Manchin, with CEOs Ryan Lance of ConocoPhillips and Vicki Hollub of Occidental Petroleum among those providing support.

In his statement, Brown lamented that many of his colleagues disregarded the broad, bipartisan support from community bankers, top economists, cybersecurity experts, state banking regulators, consumer advocates, and others.

According to Brown, they were misled by industry-written talking points about oil and gas.

On Tuesday, Biden urged the Senate to confirm the four highly qualified nominees for the Board of Governors, namely Jerome Powell, Lael Brainard, Philip Jefferson, and Lisa Cook, who have yet to receive an up-or-down vote.

Biden stated that this group possesses the expertise, discernment, and skill to guide the Federal Reserve during this pivotal period of economic revival, and the Senate should expedite their confirmation process.