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Biden to tap Wall Street critic Omarova as top bank cop
This discussion thread was locked as off-topic by Spazito (a host of the Latest Breaking News forum).
Source: Politico
President Joe Biden is poised to nominate Cornell Law School Professor Saule Omarova to a top job overseeing the nation’s banks, according to a person familiar with the matter, handing a win to advocates for stricter financial rules.
As comptroller of the currency, Omarova would be responsible for policing the activities of the U.S.'s largest banks as the head of a key financial regulator. She would also set rules affecting the operations of upstart financial technology companies and cryptocurrency firms.
In her academic work, Omarova has long called for the government to play a more expansive role in providing financial services, questioning whether traditional lenders and their newer competitors are adequately serving the needs of Americans.
Omarova has written in favor of restructuring the Federal Reserve and recommended that it provide bank accounts for consumers, which she has argued would make the financial system “less complex, more stable and more efficient in serving the long-term needs of the American people.” That view is likely to make her nomination controversial, particularly for Senate Republicans.
As comptroller of the currency, Omarova would be responsible for policing the activities of the U.S.'s largest banks as the head of a key financial regulator. She would also set rules affecting the operations of upstart financial technology companies and cryptocurrency firms.
In her academic work, Omarova has long called for the government to play a more expansive role in providing financial services, questioning whether traditional lenders and their newer competitors are adequately serving the needs of Americans.
Omarova has written in favor of restructuring the Federal Reserve and recommended that it provide bank accounts for consumers, which she has argued would make the financial system “less complex, more stable and more efficient in serving the long-term needs of the American people.” That view is likely to make her nomination controversial, particularly for Senate Republicans.
Read more: https://www.politico.com/news/2021/09/22/biden-taps-omarova-513776
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