Biden pick to run bank regulator faces Democratic resistance in

President Joe Biden’s pick to run one of Washington’s most important banking industry regulators might not have enough support for confirmation in the Senate.

Senate Democrats are fractured over whether to support Saule Omarova, Biden’s indicated choice to lead the Office of the Comptroller of the Currency, jeopardizing her candidacy.

Any Democratic defection, or an indication of such, could force Senate leadership to scrap the nomination before putting Omarova up to a vote.

Her selection, coupled with her views on how to overhaul the U.S. banking system, prompted several Senate Democrats or their staff to complain to the White House and suggest that the president’s choice will be tough to support on Capitol Hill, according to a person familiar with the matter.

This person declined to be named in order to speak openly about private discussions between the White House and Senate offices.

Others surrounding the OCC nomination process said a handful of moderate Democrats harbor reservations about Omarova and her aspirations to “end banking as we know it,” as she suggested in a Vanderbilt Law Review article.

Those people cautioned that skeptical senators likely haven’t made a final decision yet but are leaning against her candidacy.

Sen. Jon Tester, D-Mont., told CNBC on Tuesday that he has concerns about Omarova’s candidacy. Tester, known in the Senate as a champion of community banks, did not indicate whether he opposes her outright.

“Some of Ms. Omarova’s past statements about the role of government in the financial system raise concerns about her ability to impartially serve at the Office of the Comptroller of the Currency,” he said. “I’m looking forward to meeting with her to discuss them.”

Tester, a moderate member of the Senate banking committee, would also vote on whether to recommend Omarova to the broader chamber. A representative for Sen. Mark Warner, another moderate on the banking committee, said the Virginia Democrat has not yet made a decision on whether to support Omarova.

Biden in September announced his intent to nominate Omarova as Comptroller of the Currency, the top position in an independent branch of the Treasury Department that oversees the nation’s largest banks, including JPMorgan Chase, Wells Fargo and Bank of America.

The office of banking committee Chairman Sen. Sherrod Brown, D-Ohio, a fierce advocate of Omarova’s, reiterated its support for Biden’s pick.

“Senator Brown and the White House continue to push back against Republicans’ misleading statements against Ms. Omarova’s character and policy positions,” a spokesperson said.

The White House continues to support Omarova’s nomination, an official said.

Notably, the White House has yet to formally submit nomination papers to the Senate, notwithstanding Biden’s stated intent to nominate. If confirmed, Omarova, hailed by her supporters as a brilliant communicator with sterling credentials, would be the first…