Saule Omarova has officially withdrawn her candidacy from further consideration for the U.S. Comptroller of the Currency. This agency supervises and regulates about 1,200 national banks in the federal banking system. 

“I have accepted Saule Omarova’s request to withdraw her name from nomination for the Office of the Comptroller of the Currency,” said president Biden adding that he nominated Saule “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.”

Saule Omarova faced strong opposition from banks and the Republicans due to her affiliation with the Communist party while living in the former Soviet Union. Senator Kennedy told her at the nomination hearing “I don’t know whether to call you professor or comrade.”

“Her ideas amount to a socialist manifesto for American financial services,” said in his opening statement at the U.S. Senate Banking Committee hearing, Senator Pat Toomey.

“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,” said Biden. “Unfortunately, from the very beginning of her nomination, Saule was subjected to inappropriate personal attacks that were far beyond the pale. I am thankful to Chairman Brown for giving her a fair hearing and the opportunity to demonstrate her qualifications,” he added. The president is planning to announce a new nominee for the position “at a future date.”

After immigration to America from the former Soviet Union, Saule Omarova served in the Treasury Department under President George W. Bush. She currently works as a professor at Cornell Law School.

Her letter word-by-word you can read below.

Letter from Saule Omarova Withdrawing Her Nomination
Dear Ambassador Russell,

I am writing to you today with a request to withdraw my candidacy from further consideration for the position of the U.S. Comptroller of the Currency.

It was a great honor and a true privilege to be nominated by President Biden to lead the Office of the Comptroller of the Currency overseeing the U.S. national banking system. I deeply value President Biden’s trust in my abilities and remain firmly committed to the Administration’s vision of a prosperous, inclusive, and just future for our country. At this point in the process, however, it is no longer tenable for me to continue as a Presidential nominee.

Sincerely,

Saule T. Omarova

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