According to the latest news reports, the Biden administration plans to nominate anti-crypto and anti-big bank law professor, Saule Omarova, to head the OCC.
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the United States. It manages and instructs the nation’s biggest lenders like Bank of America Corp., Citigroup Inc., and JPMorgan.
As sources indicate, President Biden will select Omarova as the top administrator of the OCC. However, as reports indicate, Omarova, has previously criticized cryptocurrencies and the legacy banking sector before.
In addition to this statement, Omarova was also quoted as saying, “the government has to have a much bigger role in banking”. She even stated that she “wants to end banking as we know it”. She also made clear her position on the crypto ecosystem by saying that “the quick growth of cryptocurrencies are benefiting mainly the dysfunctional financial system we already have”.
If confirmed, this will bring drastic changes because Omarova seeks tighter crypto regulations. She has previously described the crypto sector as “threatening the stability of the economy”. Additionally, she also said it is weak against “abuse from private financial entities”.
Notably, the Biden administration has struggled in finding the right person for OCC Head. The White House even dropped some candidates earlier this year. If she is confirmed, Omarova will be the first women to formally head OCC. However, there have been pervious women as acting heads.