Sarah Bloom Raskin, President Joe Biden’s pick to be the nation’s top banking regulator, has formally withdrawn her nomination.

Raskin sent a letter to Biden on Tuesday with her decision to end her candidacy for the post of vice chair for supervision at the Federal Reserve, according to multiple reports. The New Yorker published Raskin’s letter to Biden in full.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...