President Joe Biden is set to nominate Cornell University law professorSaule Omarova to head the Office of the Comptroller of the Currency, $4- The banking law professor has been a critic of cryptocurrencies and envisions a larger role for the government in overseeing banks.
- Omarova needs Senate confirmation to serve a five-year term.
President Joe Biden is preparing to nominate a Cornell University law professor who has been critical of cryptocurrencies and envisions a larger role for the government in overseeing banks to run the Office of the Comptroller of the Currency, $4
Biden as soon as this week will name Saule Omarova as his choice to head the
Omarova, a banking law professor, is expected to push for tougher oversight and rules in the industry. A native of Kazakhstan, Omarova $4 wrote about a blueprint for a "People's Ledger," or a comprehensive restructuring of the central bank balance sheet to democratize money and finance the world's largest economy.
By separating the lending function from their monetary function, a proposed reform for banks would "effectively 'end banking,' as we know it," with Omarova making a direct play on the title of the 2014 book, "The End of Banking: Money, Credit, and the Digital Revolution".
Biden's aides were vetting Omarova in August, $4, noting that Omarova has said
Omarova served in President George W. Bush's administration as a special adviser for regulatory policy in the Treasury Department. She's practiced law at Davis Polk & Wardwell, specializing in corporate transactions and advisory work in financial regulation.
If confirmed by the Senate to a five-year term, Omarova would take over from Michael Hsu, a former Fed official who has been running the OCC on an acting basis since May. Hsu this week told a blockchain panel that $4 the financial instruments that sparked the 2008 global financial crisis.