Written by Bobbie Wylie<\/p>\n
On Tuesday, President Biden\u2019s nominee for comptroller of the currency, Saule Omarova, withdrew her nomination from a key role in regulating banks nationwide after receiving pushback from many moderate Democrats.\u00a0<\/span><\/p>\n In her withdrawal letter Omarova said, \u201cI deeply value President Biden\u2019s trust in my abilities and remain firmly committed to the Administration\u2019s vision of a prosperous, inclusive, and just future for our country,\u201d continuing, \u201cAt this point in the process, however, it is no longer tenable for me to continue as a presidential nominee.\u201d<\/span><\/p>\n Omarova\u2019s nomination was also met with fierce opposition from many Republicans and business groups due to her advocacy for government to have a greater role in banking and finance. Some GOP lawmakers insinuated that Soviet-born Omarova is a communist sympathizer; Saule Omarova vehemently denied these allegations.<\/span><\/p>\n In a statement, President Biden said, \u201c<\/span>I have accepted Saule Omarova\u2019s request to withdraw her name from nomination for the Office of the Comptroller of the Currency.\u201d Biden says that \u201cI nominated Saule because of her deep expertise in financial regulation and her long-standing, respected career in the private sector, the public sector, and as a leading academic in the field.\u201d<\/span><\/p>\n Biden claims that \u201cfrom the very beginning of her nomination, Saule was subjected to inappropriate personal attacks that were far beyond the pale.\u201d<\/span><\/p>\n If she had been confirmed, Omarova would have led the Office of the Comptroller of the Currency. Despite the comptroller of the currency presiding over national banks, Omarova has frequently expressed concern regarding the size and reach of the United State\u2019s largest banks.\u00a0<\/span><\/p>\n Omarova has previously suggested that the government should play a more dominant role in lending to the private sector. She even said that the government should us its power to bankrupt companies and banks in the name of climate change. Her goal of greater government in the private sector was alarming to several moderate Democrats, such as Montana Senator Jon Tester and West Virginia Senator Joe Manchin.\u00a0<\/span><\/p>\n Advocate for Omarova and Senate Banking Chair Sherrod Brown (D-Ohio) said in a statement, \u201cOne thing is clear: we need regulators at the OCC and beyond who are not in the pockets of Wall Street \u2014 public servants who will ensure the economy works for everyone, and who will protect our economic recovery from the risky activities of Wall Street and unregulated tech companies.\u201d It is not immediately clear who President Biden will nominate to the position next, but as of now, Biden says he will continue to focus on finding a nominee.<\/span><\/p>\n Photo Cred: Francis Chung\/E&E News<\/p>\n