Why Congress Is Troubled by the Saule Omarova Nomination

(RedState) – The confirmation of President Biden’s nominee Saule Omarova to head the Office of the Comptroller of the Currency (OCC) has taken a dive for the worse as Democrat Senators on the Senate Banking Committee begin to back away. Senators Jon Tester (D-Montana), Krysten Simena (D-Arizona), and Mark Warner (D-Virginia) are all rumored to have reservations about the Cornell University law professor who specialized in the regulation of financial institutions, banking law, international finance, and corporate finance.

The defection of a single Democrat in the 50-50 Senate sinks the nomination. And past positions about bank policy by Ms. Omarova are rising to levels where the confirmation is in doubt.

Omarova is no stranger to banking. In fact, she is deeply steeped in the intricacies of the industry and the many colorful characters who work in it. She once referred to it as the “quintessential a– industry”.

The problem for Senators is that she has strong views that they fear will color the OCC were she to become the head of the powerful agency that oversees the US national banks. And RedState readers should have no doubt that the head of a bank regulatory agency has real power to materially influence policy that can affect not just the financial industry, but the lives of ordinary Americans…. (Excerpts from Red State and Patriot HQ)