President Joe Biden planned to reshape the Federal Reserve through his nominations for the three vacant seats on the board of governors. But Democratic Sen. Joe Manchin of West Virginia threw a wrench into those plans Monday.
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The crux of the matter is the nomination of Sarah Bloom Raskin, a former deputy Treasury secretary and a governor of the Federal Reserve Board during the Obama administration, who is facing opposition in a divided Senate.Raskin's stance on environmental issues, including her view on the transition away from fossil fuels, are colliding with soaring gas prices and a renewed debate about oil independence in the face of the Russia-Ukraine conflict.
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