BIDEN NOMINEE WITHDRAWS HERSELF AFTER BIPARTISAN OPPOSITION OVER COMMUNIST PARTY TIES

President Joe Biden’s nomination of Saule Omarova, to lead the Office of the Comptroller of the Currency (OCC) has failed, as Omarova submitted her request to withdraw her name for consideration of the position.

Omarova’s choice to withdraw her nomination on Tuesday of a key role policing the nation’s banks, was a rare defeat for the president on one of his personnel choices. Omarova called her nomination “untenable.”

Biden said in a statement, “I have accepted Saule Omarova’s request to withdraw her name from nomination for the Office of the Comptroller of the Currency. I nominated her because of her deep expertise in financial regulation and her long-standing respected career in the private sector, the public sector, and as a leading academic in the field.”

Omarova faced a blistering hearing last month in which Republicans grilled her on her controversial academic writings and proposals, including advocacy for the end of banking “as we know it.” Her nomination was met with fierce resistance from Republicans and business groups over her advocacy for a dominant role by government in finance.

Her confirmation process became increasingly unpleasant, with some GOP lawmakers suggesting that the Soviet-born academic had communist sympathies, an allegation she adamantly denied.

At her nomination hearing, Senator Pat Toomey, the top Republican on the Banking panel said, “She wants to nationalize the banking system, put in place price controls, create a command and control economy where the government allocates resources explicitly, instead of free men and women making their own decision about the goods and services they want to buy and sell in an open market. These are exactly the kind of socialist ideas that have failed everywhere in the world they’ve been tried.”

Omarova also drew opposition from the Democrats, as Arizona Senators Krysten Sinema and Mark Kelly, Montana Senator Jon Tester, Virginia Senator Mark Warner, and Colorado Senator John Hickenlooper, all objected her nomination.

Omarova, a Cornell Law School professor, drew attention after a clip surfaced of her saying oil, coal, and gas companies need to “go bankrupt if we want to tackle climate change.”

Biden said he would continue to work to find a nominee for the position. Omarova would have been the first person who was not a white man to be confirmed to the role.

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