Biden OCC Pick Cheered by Progressives, Jeered by Industry

American Banker
Thursday, October 7, 2021

The Biden administration has already picked financial regulatory nominees who are polar opposites from their Trump-appointed predecessors. But the White House's choice to run the Office of the Comptroller of the Currency could be its most left-leaning selection so far. Cornell University law professor Saule Omarova, who was named as the OCC nominee Thursday, is a noted cryptocurrency skeptic, proposed moving customer deposits to the balance sheet of the Federal Reserve, and even questioned a recent acquisition spree by JPMorgan Chase. "Omarova is likely to be Biden's most polarizing pick for a top financial regulatory job," Ian Katz, an analyst with Capital Alpha Partners, said in a research note. "That's saying something in a group that includes SEC Chairman Gary Gensler and still-waiting-for-confirmation [Consumer Financial Protection Bureau] nominee Rohit Chopra." As an academic, Omarova has argued for substantial restructurings of the financial system.