Saule Omarova; Biden’s choice of bank regulator pulls back


TL;DR Breakdown

  • Saule Omarova has quit the Senate consideration as a nominee for comptroller of the currency.
  • The development came after she faced alot of opposition from Republican senators.
  • She was US President’s choice, and Biden was greatly disappointed, noting that she was not treated right.

Saule Omarova has backed away from her nomination to head the Office of the Comptroller of the Currency (OCC). She made the bold step on Tuesday through a draft to the White House. The outspoken law professor was President Biden’s choice. According to the President, she would be a great fit as a leading banking regulator. However, she has faced pushback from Republican senators.

Saule said it was not reasonable for her to be a candidate after various Democrats doomed her. She noted that most Democrats have publicly opposed her, destroying her likelihood to win.

Saule smeared as a communist

Saule had served as an advisor within the Department of the Treasury when George W. Bush was in charge. She has also worked for Davis, Polk, & Wardwell, a New York-based law firm, for over five years. The Cornell University legal scholar had faced strong opposition over her academic research. In her writings, she had proposed some major changes to the banking system that faced controversies.

Additionally, there were questions about her upbringing in the former Soviet Union. The development comes days after Sen. John Kennedy, R-La., cracked everyone when he asked whether to call her “professor or comrade. The Kazakhstan – born nominee, who is also a US citizen, was accused of holding” communist “views. However, she has come out strongly to deny the accusations. While replying to the senator, the law professor insisted that she was not a communist. Saule noted that she had not signed up for the ideology. Additionally, she said she did not have the privilege of choosing her birth country.

Biden criticizes the attacks

At Senate hearings last month, Republican Senator Cynthia Lummis asked Saule’s thoughts on digital assets and stablecoins. The legal scholar expressed her concern for private tech firms. She said they would utilize the stablecoin infrastructure, in the long run, placing private profit-based welfare above the public need for open banking.

Though President Biden was disappointed, he accepted Saule’s request to step aside. He noted that Saule was a great candidate for that position. He added that she stands for consumers’ rights, and her vision would have been of great importance to Americans. The President criticized how Saule was attacked by the public, deeming the behavior as inappropriate and uncalled for. He said the storms went overboard. Now a new nominee is needed to fill up the position.

Edith Muthoni

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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