WASHINGTON (AP) — Sarah Bloom Raskin withdrew her nomination Tuesday to a position on the Federal Reserve's Board of Governors after a key Democrat had joined with all Senate Republicans to oppose her confirmation.

West Virginia Sen. Joe Manchin announced Monday that he opposed Raskin's confirmation, and all Republicans in the evenly-split 50-50 Senate had indicated that they planned to block her nomination for the position of the Fed's top banking regulator.

Republicans have argued that Raskin would use the Fed's regulatory authority to discourage banks from lending to oil and gas companies....