This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Biden’s Nominee to Oversee National Banks Withdraws
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Markets > Biden’s Nominee to Oversee National Banks Withdraws
Markets

Biden’s Nominee to Oversee National Banks Withdraws

Editorial Board Published December 7, 2021
Share
Biden’s Nominee to Oversee National Banks Withdraws
SHARE

WASHINGTON—Saule Omarova, President Biden’s nominee to oversee large national banks, withdrew from consideration on Tuesday, amid opposition from Republicans and moderate Democrats who had sought to block her nomination, the White House said.

“I have accepted Saule Omarova’s request to withdraw her name from nomination,” President Biden said Tuesday, saying he would look for a new nominee.

Mr. Biden last month nominated Ms. Omarova, a Cornell University law professor, to be Comptroller of the Currency, which supervises many of the biggest U.S. lenders including JPMorgan Chase & Co. and Wells Fargo & Co.

Ms. Omarova’s earlier calls for shrinking big banks and creating a much bigger role for the Federal Reserve in consumer banking has drawn opposition from industry advocates and Republicans. They have said she envisions an overly large role for the government that they say would crimp business, even at community lenders, a powerful constituency that lobbied against her nomination.

A group of moderate Democrats privately voiced their opposition to Ms. Omarova in the days after a contentious nomination hearing in November, according to people familiar with the deliberations. Their opposition alone likely scuttled her chances of confirmation through the evenly divided Senate.

Montana Sen. Jon Tester, Arizona Sen. Kyrsten Sinema and Virginia Sen. Mark Warner—all centrist Democrats—conveyed their opposition to Senate Banking Committee Chairman Sherrod Brown (D., Ohio) on a telephone call about two weeks ago, The Wall Street Journal reported last month.

The conversation came after Messrs. Tester and Warner challenged Ms. Omarova at the Nov. 18 hearing over her past writing and thinking on banking oversight. Mr. Tester also pressed her at the hearing over remarks she made earlier this year calling for smaller oil-and-gas companies to go bankrupt to aid the U.S. in tackling climate change.

Ms. Omarova responded to Mr. Tester at the hearing by saying she misspoke and that her remarks weren’t well-framed. “My intention was…exactly the opposite,” she said. “We need to help those companies to get restructured.”

Ms. Omarova didn’t respond to an email on Tuesday seeking comment. In a brief withdrawal letter released by the White House, Ms. Omarova said, “it is no longer tenable for me to continue as a Presidential nominee.”

White House officials have defended Ms. Omarova but didn’t comment on Democratic opposition. Administration officials have said that Ms. Omarova, who was born in Kazakhstan when it was part of the Soviet Union, has been the target of “red baiting” from Republicans.

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

Ms. Omarova’s defenders also include liberal-leaning Democrats such as Mr. Brown and Sen. Elizabeth Warren of Massachusetts. They have said she is an accomplished banking expert who will stand up to the industry. The senators say Washington regulators have been too deferential to big banks in recent years and that Ms. Omarova would work to make the financial system more inclusive for consumers.

The Office of the Comptroller of the Currency is an independent bureau of the Treasury Department. It oversees about 1,200 banks with total assets of $14 trillion, about two-thirds of the total in the U.S. banking system.

The White House has struggled to find a comptroller nominee who could win support from its Senate allies. Before nominating Ms. Omarova, the White House considered at least three other individuals for the role but never nominated them.

At present, the agency is run on an interim basis by Michael Hsu, a former Fed staffer. It has been without a Senate-confirmed head since May 2020.

Write to Andrew Ackerman at [email protected]

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

TAGGED:MarketsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Judge Blocks Biden Administration Vaccine Mandate for Federal Contractors Judge Blocks Biden Administration Vaccine Mandate for Federal Contractors
Next Article Citigroup’s Jane Fraser Expects to Shed Some Clients for Climate Purposes Citigroup’s Jane Fraser Expects to Shed Some Clients for Climate Purposes

Editor's Pick

Alyssa Farah Griffin: ‘The View’ Co-Host is Pregnant With Child #1!

Alyssa Farah Griffin: ‘The View’ Co-Host is Pregnant With Child #1!

Studying Time: 3 minutes The View co-host Alyssa Farah Griffin is pregnant! On ‘The View,’ Alyssa Farah Griffin breaks the…

By Editorial Board 3 Min Read
Melissa Rycroft Admits to Actually “Struggling” in Wake of DUI Arrest
Melissa Rycroft Admits to Actually “Struggling” in Wake of DUI Arrest

Studying Time: 3 minutes Melissa Rycroft is in a darkish place proper…

4 Min Read
Man fatally shot throughout argument over lady at gathering at Tuscaloosa storage unit; suspect jailed
Man fatally shot throughout argument over lady at gathering at Tuscaloosa storage unit; suspect jailed

One individual was killed and a number of other others injured in…

2 Min Read

Oponion

Trump names his marketing campaign supervisor as White Home chief of employees

Trump names his marketing campaign supervisor as White Home chief of employees

WASHINGTON — President-elect Donald Trump has named Susie Wiles, the supervisor of his…

November 7, 2024

Wage to afford a typical Bay Space house has elevated 54% since 2019

The wage wanted to afford a…

May 1, 2025

8 Kinds of Semi-Formal Apparel For Males Defined for 2024 | Fashion

Weddings. Vacation events. Dinner for 2…

September 19, 2024

Theranos’s Last Lab Director Says Founder Resisted Efforts to Address Problems

SAN JOSE, Calif.—The lab director who…

November 9, 2021

B3 Bomber Jacket Assessment 2025: When All the things Falls Aside, Put on One thing Indestructible | Fashion

We independently consider all really helpful…

February 22, 2025

You Might Also Like

Jamie Dimon warns of main market threat in subsequent few years
Markets

Jamie Dimon warns of main market threat in subsequent few years

CPA and market analyst Dan Geltrude joins ‘Mornings with Maria’ to interrupt down the record-setting rally fueled by synthetic intelligence,…

4 Min Read
Meme inventory mania 2.0
Markets

Meme inventory mania 2.0

Pacer ETFs President Sean O’Hara discusses the advantages of ETFs and lays out his favourite investments on ‘The Claman Countdown.’…

4 Min Read
Traders have fun Japan’s ‘Iron Lady’ election win
Markets

Traders have fun Japan’s ‘Iron Lady’ election win

Federated Hermes CIO Stephen Auth weighs in on Japan's first elected feminine prime minister and provides an concept on what…

3 Min Read
Tesla teases Tuesday announcement with social media movies
Markets

Tesla teases Tuesday announcement with social media movies

Niles Funding Administration founder and portfolio Dan Niles discusses Tesla’s potential $1 trillion compensation plan for Elon Musk on ‘The…

5 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?