Lenin scholar Saule Omarova withdrew her name from consideration for the country’s top bank regulator on Tuesday after losing the support of moderate Senate Democrats.
Omarova told the White House it was “no longer tenable” to remain a nominee for comptroller of the currency, the New York Times reported. Omarova came under withering criticism from Senate Republicans over her calls to radically reform the banking system and create a New Deal-style federal agency to oversee infrastructure spending.
The withdrawal is a major setback for progressives, who touted Omarova’s criticism of big banks and the fossil fuel industry. President Joe Biden said in a statement accepting Omarova’s withdrawal that she would have been a “staunch defender” of consumers but that she “was subjected to inappropriate personal attacks that were far beyond the pale.”