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Politics Biden to tap law professor who wants to 'end banking as we know it' as OCC chief: reports

04:45  23 september  2021
04:45  23 september  2021 Source:   thehill.com

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Biden to Tap Crypto, Big- Bank Critic to Run Wall Street Watchdog. President Joe Biden plans to nominate a law professor who has criticized cryptocurrencies and advocated for the government to have a much bigger role in banking to run a top Wall Street regulator. Saule Omarova, who has said she wants to “ end banking as we know it ,” will be tapped to run the Office of the Comptroller of the Currency as soon as this week, according to three people familiar with the nomination process who asked not to be named before a White House announcement.

A resolution introduced in the Maine House of Representatives on September 22 urges U . S . Senators Susan Collins (R), Angus King (I), and the rest of the Maine congressional delegation to oppose President Joe Biden ’s proposal to empower the IRS to more closely monitor Americans' bank accounts.

President Biden is reportedly planning to nominate a law professor who has said she wants to "end banking as we know it" to run the Office of the Comptroller of the Currency (OCC).

Biden to tap law professor who wants to 'end banking as we know it' as OCC chief: reports © Getty Biden to tap law professor who wants to 'end banking as we know it' as OCC chief: reports

Sources told Bloomberg and The Wall Street Journal that Biden is planning to nominate Cornell Law School professor Saule Omarova to run the OCC, which oversees and regulates the U.S. banking system.

Omarova specializes in banking law, international finance and corporate finance. She has received degrees from Moscow State University, the University of Wisconsin at Madison and Northwestern University School of Law.

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The New York Times reported last month that the Biden administration was vetting Omarova to lead the OCC after two previous potential nominees were abandoned due to infighting within the Democratic Party.

Omarova, who originates from Kazakhstan, previously served as a special adviser on regulatory policy under former President George W. Bush. In her writings, she has been critical of large banks entering the world of cryptocurrencies, which she argued would allow large firms to conduct trading activity out of sight from federal regulators.

As the OCC oversees major banking institutions such as JPMorgan Chase, Citigroup and Bank of America, Omarova's stance on expanding governance over large banks may signal a potentially a different relationship between banks and the federal government.

The Hill has reached out to the White House for comment.

Power grab? The Federal Reserve soon may be our only bank .
Saule Omarova, Biden's nominee for Comptroller of the Currency, desires private sector banking to be the purview of the Federal Reserve. Such a move would be not only catastrophic to the nation's economy but several major steps toward central planning and away from the free market. Taken to its extreme, this would mean that the Federal Reserve, acting on behalf of Washington, could become the only place citizens could deposit their money.

usr: 76
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