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Biden bank regulator pick withdraws

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Saule Omarova, President Joe Biden's nominee for comptroller of the currency, withdrew from consideration.

Her withdrawal came after concerns were voiced by some senators about her background of being raised in the former Soviet Union and her writings as a legal scholar. The writings explored fundamental changes to the financial industry.

The comptroller of the currency regulates 1,200 nationally chartered banks with around $14 trillion in collective assets.

Read more from CNBC.


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