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Biden Banking Nominee Who Sought To Bankrupt Fossil Fuels Drops Bid For Treasury Role

Saule Omarova

In a letter to the White House, Omarova wrote her nomination was ‘no longer tenable’ for Senate confirmation as comptroller of the currency.

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President Joe Biden’s nominee for a key regulatory post at the Treasury Department, Saule Omarova, who sought to “bankrupt” fossil fuels, withdrew herself from consideration Tuesday.

In a letter to the White House, Omarova wrote her nomination was “no longer tenable” for Senate confirmation as comptroller of the currency.

President Biden accepted her decision, railing against “inappropriate personal attacks” in a statement.

“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,” Biden said.

Omarova, a professor at Cornell Law School, pledged in a clip unearthed by the American Accountability Foundation her desire for the fossil fuel industry “to go bankrupt” for the sake of fighting climate change.

If confirmed, Omarova would have served in a prime position to make her dream become reality in an administration with an open animus towards cheap, reliable energy provided by coal, oil, and natural gas. The office she was nominated to lead is tasked with “ensur[ing] banks and federal savings associations operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.”

Omarova’s nomination became in doubt after five Democrat senators, including John Tester of Montana, Mark Warner of Virginia, John Hickenlooper of Colorado, and both senators from Arizona, Mark Kelly and Kyrsten Sinema, voiced their opposition. All 50 Republicans were also expected to vote no on confirmation.

Tom Jones, the founder of the American Accountability Foundation, took a victory lap on the heels of Omarova’s withdrawal.

“From openly endorsing Marxism to breaking U.S. laws and expressing a desire to bankrupt the fossil fuel industry, Saule Omarova has proven herself disqualified to serve as a top regulator for our country’s banking system,” Jones said in a statement.

A Soviet-born alumna of Moscow State University, Omarova refused to hand over a thesis on Marxism to the Senate Banking, Housing, and Urban Affairs Committee over the course of her confirmation process.

At her hearing before the committee last month, Louisiana Republican Sen. John Kennedy questioned Omarova’s past and suggested she was a communist.