Saule Omarova speaks before the Senate Banking Committee during her nomination hearing on November 18 to head the Office of the Comptroller of the Currency. Omarova withdrew her nomination on Tuesday after facing opposition from Republicans and some moderate Democrats.
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Saule Omarova speaks before the Senate Banking Committee during her nomination hearing on November 18 to head the Office of the Comptroller of the Currency. Omarova withdrew her nomination on Tuesday after facing opposition from Republicans and some moderate Democrats.
Anna Moneymaker / Getty Images
Saule Omarova has withdrawn her nomination to head the Office of the Comptroller of the Currency (OCC), a little-known body that plays a key role in overseeing banks in the country.
Omarova, a Cornell University law professor, has faced strong opposition from Senate Republicans over her academic research, which has proposed some major changes to the system. banking system.
Some of the attacks were unusually personal, including outspoken suggestions that the Kazakhstan-born candidate had “communist” views. Omarova, a US citizen, has strongly denied it.
However, some moderate Democrats have also expressed reservations about her previous positions, making her path to confirmation challenging in the tightly divided Senate even if she received strong support from progressives.
“I appreciate President Biden’s confidence in my abilities and remain steadfastly committed to the Administration’s vision of a prosperous, inclusive, and equitable future for our country,” Omarova wrote. in a letter asking the White House to withdraw its nomination to head the OCC.
“However, at this point, I cannot continue as a candidate for President,” she added.
The letter was released by the White House on Tuesday.
‘Professor or comrade?’: Omarova confronts personal attacks
Omarova previously worked for Davis, Polk, & Wardwell, a white leather shoe law firm, and later the U.S. Department of the Treasury during the George W. Bush administration.
But it is her research as an academic that has drawn strong opposition from Republicans and banking groups, who accuse her of having “radical” views, as well as sparking controversy. raised suspicion from some Democrats such as Senator Jon Tester of Montana.
For example, in a widely cited article, she suggested the Federal Reserve could offer retail bank accounts, in part to reduce the number of “unbanked” people.
As head of the OCC, Omarova will oversee an agency responsible for managing assets held by more than 1,000 banks.
But her nomination is particularly notable because of the attacks she drew from some Republicans over her personal résumé.
Omarova was born in the former Soviet Union, in present-day Kazakhstan, and she received her university degree from Moscow State University.
At Omarova’s nomination hearing last month, Senator John Kennedy, R-La., gasped after he told about her childhood.
“I don’t know whether to call you ‘professor’ or ‘comrade,'” he said.
“I am not a communist,” Omarova replied. “I don’t follow that ideology. I can’t choose where I was born.”
President Biden, in a statement, strongly criticized the personal nature of some of the attacks against Omarova.
“As a strong advocate for consumers and a staunch defender of the safety and soundness of our financial system, Saule will provide insight and insight on behalf of the American people. invaluable perspective for our important work,” Biden said in a statement.
“But unfortunately, from the very beginning of his nomination, Saule was subjected to unwarranted personal attacks that went beyond paleness,” he added.
