Biden chooses to lead bank regulators to withdraw her nomination

Joe Biden (Saule Omarova) is the leader of Joe Biden (Saule Omarova) Bank of America The regulator withdrew her nomination, which dealt a blow to her after defending her at the White House push back From Congress and Wall Street about her academic works and her growth experience in the Soviet Union at that time.

Biden said in a statement on Tuesday: “I nominated Saule because of her deep expertise in financial regulation and her long and respected career in the private and public sectors and as a leading academic in the field. ”

“Unfortunately, from the very beginning of her nomination, Sol suffered an improper personal attack that was far beyond normal.”

Biden announced in September that he intends to appoint a Cornell University law professor to head the Office of the Comptroller of Currency, which is responsible for overseeing the National Bank of the United States.

She was subsequently strongly opposed by Republicans and the banking industry. Critics focused on her upbringing and her recent career as a scholar, and made suggestions including a state-owned bank account system.

Omarova said in a letter that although it is “a great honor” to be nominated, “however, in this process, it is no longer tenable for me to continue to serve as a presidential candidate.”

In an interview with the Financial Times in October, Omarova, who was born in present-day Kazakhstan, accused some of her critics of racism and regarded her as a minority candidate and female.

She said she believes that the motivation for criticism is more worried about her tightening of bank supervision than her gender or race.

She told the British “Financial Times”: “The Wall Street Bank is worried that I will become an independent and determined regulator, not one of them and not subject to their constraints.”

Some of the fiercest attacks on Omarova have come from Republican lawmakers. Republican Senator John F. Kennedy from Louisiana told Omarova at the confirmation hearing last month that he did not know whether to call her a “professor” or a “comrade.”

Pat Toomey, the most senior Republican on the Senate Banking Committee, said at the time that Omarova would “end the banking industry as we know it” and criticized her undergraduate thesis on Karl Marx, thinking she was a The “radical” choice.

Omarova responded that she was not a “communist” and could not choose her birthplace.

However, the skepticism of some moderate Democrats came to light at the confirmation hearing and became a key factor jeopardizing her prospects for the Senate split equally between Republicans and Democrats.

Democratic Senator Jon Tester of Montana and Senator Mark Warner of Virginia both expressed concern at the hearing because Omarova had criticized them before Supports certain aspects of the 2018 bill, which relaxes the supervision of community banks.

Teste also questioned her proposal of a state-backed National Investment Agency, which he said can decide which economic sectors to lend to.

Toumi said in a statement on Tuesday that Omarova’s views on the inappropriateness of the U.S. financial system have formed a “bipartisan consensus.” “I hope the Biden administration can select candidates who have a mainstream view of the US economy,” he added.

Omarova’s supporters condemned the strong opposition to her as an assassination of her character.

The Democratic Chairman of the Senate Banking Committee, Sherrod Brown, said in a statement on Tuesday: “Although her expertise and bipartisan record are beyond doubt, powerful interests have distorted Professor Omalova’s views and writings.”

“In a ruthless slander campaign reminiscent of Red Scary McCarthyism, they shamefully attacked her family, her inheritance, and her commitment to American ideals,” he said, adding that the OCC required regulators to “not In the pocket of Wall Street”.

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