UPDATE 2-Omarova withdraws nomination to lead U.S. Office of the Comptroller of the Currency

Despite opposition from Republicans and some moderate Democrats, Saule Omarova has withdrawn her nomination to lead a bank regulator, the White House announces Tuesday.

During a contentious nomination process that saw moderate Democrats express skepticism over some of Omarova’s opinions. At the same time Republicans grilled her, Omarova withdrew her name from consideration to lead the Office of the Comptroller of the Currency.

In November, Professor Omarova, who grew up in the Soviet Union, defended herself against a confrontational nomination hearing.

Although the progressives were backing her as they saw her as an opponent of Wall Street.

She struggles to win support from several moderate Democrats who were crucial to her confirmation in the narrowly divided Senate.

The nomination of Omaraova comes at a time when the Biden administration must rally support from all Democrats. They need it to pass its $1.75 trillion social and climate spending package. According to a congressional aide, at least 10 Democrats are expressing reservations about Omarova. This will make her approval virtually impossible.

In a statement following her nomination, Biden praises her “deep expertise” in financial regulation and criticizes all “inappropriate personal attacks.”

A number of Republicans and banks oppose her nomination because of her research on bank oversight and reforms. In which she calls for big banks to break up and the Federal Reserve to offer public bank accounts.

It is the third time that the Biden administration has withdrawn a nominee, following Neera Tanden, the nominee for OMB director, and David Chipman, the nominee for ATF commissioner, and Explosives.

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