January 1, Biden’s Banking Pick Pulls Out Following Communism Accusations

President Joe Biden’s nominee to lead the Office of the Comptroller of the Currency (OCC) withdrew her nomination following accusations of communism.

Saule Omarova pulled herself from consideration for the role, calling her nomination “untenable.”

“As a strong advocate for consumers and a staunch defender of the safety and soundness of our financial system, Saule would have brought invaluable insight and perspective to our important work on behalf of the American people,” Biden said in a statement.

“But unfortunately, from the very beginning of her nomination, Saule was subjected to inappropriate personal attacks that were far beyond the pale.”

During her confirmation hearing last month before the Senate Banking Committee, senators grilled her regarding papers she’d written proposing extreme changes to the consumer banking system. Omarova said the papers were a part of a broader academic debate about banking innovation and not her personal agenda.

Omarova’s withdrawal now forces Biden to select a new pick for a key regulatory position that has been vacant since he took office in January.

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Biden’s pick for bank watchdog pulls out after GOP accusations of communism