[Asia Economy Reporter Byunghee Park] The White House has withdrawn the nomination of Saoul Omarova, a Cornell University law professor, for Comptroller of the Currency (OCC), Bloomberg News reported on the 7th (local time). Professor Omarova requested the White House to withdraw her nomination amid controversy, and President Joe Biden accepted the request. However, President Biden stated that there were inappropriate personal attacks against Professor Omarova.
The White House issued a statement on the same day announcing that President Biden accepted Professor Omarova's request to withdraw her nomination. In the statement, President Biden pointed out that there were unfair and unreasonable personal attacks against Professor Omarova. He also expressed regret, saying that Professor Omarova was a person who could protect consumers and make the U.S. financial system safe and sound.
After the White House nominated Professor Omarova as OCC Comptroller, the opposition Republican Party and Wall Street financial sector strongly opposed it. The Republicans and Wall Street banks raised concerns that Professor Omarova was born in Kazakhstan under the former Soviet system and studied in Moscow during the Soviet era. They also pointed out that her support for a fundamental overhaul of the U.S. financial system was problematic.
Even within the ruling Democratic Party, opinions on Professor Omarova's nomination were divided. While some defended her, saying attacks on her personal background were unfair and that she was a qualified candidate, others expressed concerns about her views on financial regulation. As a result, even if President Biden had pushed forward with her nomination, the outcome was unlikely to be optimistic.
In a letter to the White House requesting the withdrawal of her nomination, Professor Omarova stated, "I deeply appreciate President Biden's strong confidence in my abilities," and added, "I will continue to dedicate myself to the future of the country and government."
She also addressed the criticisms against her. First, she said she was surprised by the low level of personal attacks against her.
Professor Omarova described herself as a "free-market idealist," opposing socialism due to its serious flaws. She also stated that she believes the U.S. financial system is the best in the world and that the ideas she proposed in academic papers were experimental concepts rather than blueprints for actual implementation.
If Omarova had taken office, she would have been recorded as the first female and first person of color to serve as OCC Comptroller in its history.
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