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Biden Plans to Nominate Crypto Critic from Cornell as OCC Chief

UTC by Sanaa Sharma · 3 min read
Biden Plans to Nominate Crypto Critic from Cornell as OCC Chief
Photo: Joe Biden / Facebook

Omarova is known to have criticized the crypto markets over the general financial markets and speaks for a heightened involvement of the government in the Banking sector.

US President Joe Biden is planning to nominate a Cornell Law School Professor named Saule Omarova to run for the Office of the Comptroller of the Currency (OCC). The nomination, which may be announced as early as this week, can position the Kazakhstan-origin professor in a significant role as the new top Wall Street regulator.

The major role of the OCC is to administer the US’s largest lenders like JPMorgan Chase & Co., Bank of America Corp., and Citigroup Inc. If Omarova gets appointed as the new OCC, Wall Street will most likely witness aggressive rules and regulations. Moreover, her rather radical agendas like shifting consumer banking to the Federal Reserve from Private Institutions might not be supported by President Biden in affirmative.

Omarova has been known to criticize the crypto markets over the general financial markets and has spoken for a heightened involvement of the government in the Banking sector. She once claimed to “end banking as we know it”. Recently, Omarova was noted saying that the skyrocketing rise of cryptocurrencies has been an advantage to only the already debilitated financial system that exists. According to her, digital coins endanger the stability of the economy and are at risk of being misused by private organizations.

While the Democrats still plan to contest her nomination, it is doubtful whether the Cornell professor will get the job. The Democrats are a majority in the Senate by a very small number and her strict outlook towards the system might generate considerable opposition from the Banks (which are significant donors to political parties).

It has been difficult for the administration of Biden to employ someone for the OCC job. Previously, two people had been in discussion, however, the names were dropped owing to some internal party disputes. A former Fed official Michael Hsu has been operating the OCC on an acting basis since May.

If Omarova gets the job, she will become the first woman head of the OCC. Her academic specialty lies in Banking Law, International Finance, and Corporate Finance. Her education profile includes degrees from Moscow State University, the University of Wisconsin at Madison, and Northwestern University School of Law.

Omarova’s work history includes employment at Davis Polk & Wardwell as a Banking Lawyer. She has also served as a special adviser in President George W. Bush’s Treasury Department. On Twitter, she has been active as a non-supporter of the U.S. banking giants.

Omarova remains absent for comments. The White House has not made any official statement about the same.

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Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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