Biden to nominate anti-crypto and anti-big bank law professor to run the OCC


The Biden administration reportedly intends to nominate Kazakhstani-American attorney, academic and former policy advisor Saule Omarova to head the Office of the Comptroller of the Currency (OCC) — the institution that oversees the U.S. banking sector.

Omarova has levied criticisms at both crypto assets and the legacy banking sector in the past, having once pledged to “end banking as we know it”. She has characterized cryptocurrency as “benefiting mainly the dysfunctional financial system we already have.”

How To Get Free Crypto  

According to a Sept. 22 report from Bloomberg citing three anonymous sources “familiar with the nomination process,” Omarova could be nominated as soon as this week.

Currently working as a law professor at Cornell University Law School, Omarova is expected to seek tighter regulations for crypto as she has described the sector as threatening the stability of the economy and ripe for abuse from large private financial entities. The academic specializes in banking law and corporate finance.

If confirmed, Omarova’s tenure at the OCC would likely comprise a significant shift from the previous administration, with former Coinbase legal officer and crypto proponent Brian Brooks having headed the agency toward the end of Trump’s presidency.

Omarova has also offered radical prescriptions for the finance industry, having advocated for consumer banking services to exclusively be administered by the Federal Reserve rather than private institutions. She previously served as a special adviser for regulatory policy to the U.S. Treasury Department during George W. Bush’s presidency.

Coinbase Banner  

However, analysts don’t believe Omarova will get the OCC jobwithout a fight, with the Democrats currently holding a slim majority in the Senate and the banking sector expected to lobby against her appointment.

If appointed, Omarova would become the first woman to formally lead the agency, although the OCC has been directed by a female acting head in the past.

Related: CFTC commissioner: Agency doesn’t have enforcement resources without Congress

The New York Times reported that the Biden administration had started vetting Omarova for the role in early August.

While the Democrats were previously considering former Treasury official Michael Barr and law professor Mehra Baradaran for the role, they were dropped after the Democrats decided neither candidate was likely to garner enough support to secure confirmation.

Go to Source
Author: Samuel Haig

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.