Statement by President Joe Biden

I have accepted Saule Omarova’s request to withdraw her name from nomination for the Office of the Comptroller of the Currency. I 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. She has lived the American dream, escaping her birthplace in the former Soviet Union and immigrating to America, where she went on to serve in the Treasury Department under President George W. Bush and now works as a professor at Cornell Law School.

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. But 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.

The Office of the Comptroller of the Currency is a critical agency, supervising and regulating about 1,200 national banks in the federal banking system.  I will continue to work to find a nominee for this position, and plan to make an announcement at a future date.

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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