With Sarah Bloom Raskin withdrawing her nomination to become the Federal Reserve's regulation chief on Tuesday, the White House may be forced to opt for a new moderate candidate or leave the post open for the foreseeable future.
Raskin told U.S. President Joe Biden in a letter that she no longer wanted to be considered for the role, according to a source familiar with the matter.
Her decision came one day after centrist Democratic Sen. Joe Manchin said he would not support her for the powerful role of overseeing Wall Street banks due to worries she would discourage them from lending to oil and gas companies.