Biden’s Nominee for the Top Banking Post Backs Out

Saule Omarova, Joe Biden’s nominee for Comptroller of the Currency, has removed her nomination after facing fierce, bipartisan criticism from the US Senate.

She was widely criticized for her controversial views regarding the banking system of the US and her background that can be traced back to Russia.

Saule Omarova backs out amid a wave of attacks against her

Omarova’s hearings started becoming unpleasant, with lawmakers suggesting she had communist sympathies because of her background in Russia. However, Omarova was consistent in denying all allegations against her.

Biden accepted Omaroiva’s decision, noting he nominated her because of her expertise in financial matters. Likewise, the president stated senators attacked her personally, which was not acceptable at all.

Omarova often made headlines for urging to change the US banking system. She was an ardent advocate of increasing government outreach to the private sector.

Calling the banking system a “quintessential a–hole industry,” in 2019, she lambasted the current banking sector. Views along these lines encouraged even Democrat senators to question her candidacy for the top banking post.

Democrat Senators Jon Tester and Mark Warner were leading the ruling caucus in censuring the nominee over her views on the banking sector.

Biden vowed to find a capable person for the post

Biden said he would continue to find a capable person for the banking position. Had she been accepted by the Senate, Omarova would have been the first non-white person to be the Comptroller of the Currency.

While announcing her decision to withdraw, Omarova noted she appreciated Biden’s decision to value her achievements and capability. However, she asserted it was not feasible for her to continue as the presidential nominee any longer.

Her bid to withdraw herself has once again put Biden back to square one. Sherrod Brown, a Democrat senator from Ohio, who is also serving as the chairman of the Senate Banking Committee, noted that Omarova was the most qualified official ever nominated for the post.

Thus, Brown also criticized those who opposed Omarova, saying the opposition to her candidacy included a smear campaign not only against her, but also against her family and heritage.

The job description for the post includes regulating more than 1,200 nationally chartered banks, with the total assets coming out to almost $14 trillion. This makes the comptroller the regulator of almost two-thirds of US banks.

When Saule Omarova withdrew her candidacy, Pat Toomey, a Republican senator from Pennsylvania, noted a bipartisan consensus was reached during Omarova’s hearing.

This consensus was that Omarova must not be nominated for the top banking post, as her radical ideas were against the mainstream financial structure of the United States.

Toomey also added the president should nominate a candidate with moderate views for such an important position.