Biden’s pick to lead major banking regulator drops out

Courtenay Brown

This article by Courtenay Brown appeared in Axios on December 7, 2021.

President Biden’s pick to head one of the country’s most powerful banking regulators is dropping out of consideration for the post, according to a statement from Biden that accepted the withdrawal.

Why it matters: Saule Omarova, nominated to lead the Office of the Comptroller of the Currency, faced a tough path to confirmation — with opposition from Republicans and moderate Democrats.

  • The withdrawal means that the OCC — charged with overseeing lenders whose assets make up two-thirds of the banking system’s total — will continue on without a permanent head for the foreseeable future.

What they’re saying: “Saule would have brought valuable insight and perspective to our important work on behalf of the American people. But unfortunately, from the very beginning of her nomination, Saule was subjected to inappropriate personal attacks that were far beyond the pale,” Biden said in the statement.

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