OCC Nominee Withdraws from Consideration

Saule Omarova—President Biden’s nominee to serve as the next comptroller of the currency—today announced that she would withdraw her name from consideration after several Democratic senators signaled their opposition to her nomination.

Omarova—who is currently a professor at Cornell Law School—was previously a banking attorney and served in the Treasury Department. Over the course of her career, she has advocated for a number of policy changes that would substantially transform the bank regulatory landscape, including reforms that would require community banks to “pass through” their deposits to the Federal Reserve and effectively make them utilities and end the dual banking system. In a statement today, President Biden said he would continue working to find a new nominee for the position.