Biden OCC Pick Cheered by Progressives, Jeered by Industry
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.