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Biden to tap big-bank critic Omarova to head OCC


© Reuters.

(Reuters) – The U.S. president Joe Biden will nominate Saule Omarova (a professor of law who has criticized cryptocurrencies, and advocated that the government have a greater role in banking), to head the Office of the Comptroller of the Currency.

Bloomberg reports that Omarova is being considered for the OCC presidency as early as next week. Bloomberg cited three sources familiar with the process. According to the report, Omarova, if confirmed, would be the first woman appointed full-fledged head of the agency.

The White House didn’t immediately reply to Reuters’ request for comment.

Omarova, a Kazakhstani-born professor, has taught at Cornell University Law School for the past four years, according to her LinkedIn profile. She was the special advisor for regulation policy at the U.S. Department of the Treasury from 2006 to 2007.

Democrats have been fighting for the OCC’s best leader, which is the government agency that oversees all of the large national banks. Before the Biden administration dropped the post, Michael Barr (former Treasury official) and Mehrsa Barradaran (law professor) were reported as being in consideration.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.