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Bid to withdraw entangled banking regulator nomination

chairperson Joe Biden said on Tuesday that Saule Omarova’s nomination to lead the Office of the Comptroller of the Currency would be withdrawn, as her candidacy faces strong opposition in Senate with Republican Party legislators criticize her vision for banking regulation and her birthplace in Soviet Union

The president said in a statement that he accepted a request to withdraw from Omarova, a law professor at Cornell University who was born in Kazakhstan when it was part of the Soviet Union and immigrated to the United States in 1991. During a Senate committee hearing last month, she addressed questions about more government oversight of the financial sector. That led to Republican Sen. Pat Toomey in Pennsylvania to say her ideas were a “socialist manifesto,” while Republican Senator John Kennedy of Louisiana said, “I don’t know whether to call you professor or comrade. ”

Biden defended her nominee in a statement announcing her withdrawal.

“As a strong advocate for consumers and a staunch defender of the safety and soundness of our financial system, Saule will bring invaluable insight and perspective to the public. our important job on behalf of the American people,” the president said. “Unfortunately, from the very beginning of his nomination, Saule was subjected to unwarranted personal attacks.”

However, the nomination being withdrawn is a sign that Omarova also lacks some of the Democratic support needed to remove the Banking Committee and face a full Senate vote. During his confirmation hearing, Senator Jon Tester of Montana said he has “substantial concerns” about Omarova’s nomination, including some of her objections to the bipartisan easing bill. Some restrictions were imposed on banks after the 2008 financial crisis.

Last year, Omarova published an article arguing that an overhaul of the nation’s banking system would expand the role of the Federal Reserve by allowing the central bank to hold consumer deposits. use. This could replace one of the roles played by private banks, a major criticism of her detractors. Supporters of the idea argue that the Fed can extend credit more quickly as needed to individual accounts during an economic downturn.

https://www.independent.co.uk/news/world/americas/us-politics/joe-biden-senate-republican-soviet-union-pat-toomey-b1971711.html Bid to withdraw entangled banking regulator nomination

JACLYN DIAZ

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