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AP National Business

Biden’s nominee for bank regulator faces hostile opposition

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KMIZ

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Published 10:33 AM

By KEN SWEET
AP Business Writer

NEW YORK (AP) — President Joe Biden nominated Saule Omarova to be the nation’s next comptroller of the currency in September. If confirmed, she would be the first woman and person of color to run the 158-year-old agency. But Omarova’s nomination to a typically low-profile agency has drawn intense opposition from Republicans as well as the banking industry. Banks are opposed because her previous criticism of the banking industry makes them fearful she will be a tough regulator for Wall Street. Some Republicans have raised Omarova’s upbringing in the Soviet Union to suggest she favors a government takeover of the banking industry.

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