Saule Omarova, a Cornell Law School professor portrayed by critics as a communist after Biden selected her to head the Office of the Comptroller of the Currency, withdrew her candidacy late last year.
Opponents of Ms. Raskin’s confirmation focused on more than just her climate views. They also objected to the work she did in the private sector — and the way she answered questions about that work.
Republicans had specifically expressed concerns about Ms. Raskin’s time on the board of directors of a financial technology company. The company, Reserve Trust, secured a coveted account with the Fed — giving it access to services it now prominently advertises — after Ms. Raskin reportedly called a central bank official to intervene on her behalf.
It’s unclear how much Ms. Raskin’s involvement actually helped. But the episode raised questions because she previously worked at the Fed and because she made about $1.5 million from the stock she earned from her Reserve Trust work. Democrats regularly denounce the revolving door between regulators and financial firms.
Republicans had demanded that Ms. Raskin provide more details about what happened while she was on the company’s board, but she had largely said she couldn’t remember. Pennsylvania Senator Patrick J. Toomey, the top Republican on the committee, led his colleagues to decline to vote for Ms. Raskin and the other Fed nominees until she provided more answers.
Mr. Toomey indicated on Monday that he prefers to let the other Fed nominees go ahead.
Sherrod Brown, an Ohio Democrat and chair of the Senate Banking Committee, said in a statement Tuesday that he would hold a raise for the other nominees, later telling reporters he might move them this week.
“Unfortunately, the American people will be denied a thoughtful, experienced official who was ready to fight inflation, stand up to Wall Street and corporate special interests, and protect our economy from foreign cyberattacks and climate change,” Brown said in his statement. speech. statement.
Several more progressive Democrats expressed disappointment that Ms. Raskin would not be confirmed.
“The lobbyists have power on Capitol Hill, and when they see their power threatened, they fight back hard — Sarah Bloom Raskin is just the latest victim,” Massachusetts Democrat Elizabeth Warren said in response to the news.
Michael D. Shear reporting contributed.
