Statement on the Withdrawal of the Nomination of Saule T. Omarova To Be Comptroller of the Currency

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 longstanding, 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.