President Biden appoints famous Wall Street critic Saule Omarova as next controller of the currency,

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Omarova willow, a Cornell law professor, has been appointed to become the next Comptroller of the Currency – the head of the Comptroller of the Currency’s office, the office that regulates the country’s federal banks. The selection had been the subject of many rumors before the news.

Omarova is Director of the Financial Institutions and Markets Law and Regulation Program at the Jack Clarke Cornell Institute for the Study and Practice of Business Law. Previously, Omarova practiced law with the Davis, Polk and Wardwell Financial Institutions Group in New York.

Much of the reporting has focused on Omarova’s hostility to banks and Wall Street in general. She is also known for criticizing cryptocurrency and other aspects of Fintech innovation.

In August, the New York Times reported that Omarova “would also likely take a tougher line on regulating fintech companies.”

Last July, Omarovar asked about Twitter if the world needed a bigger JP Morgan. She also cast a shadow over big banks fighting against regulation by claiming they lend on Main Street.

She sees CBDCs as a way to eventually redefine the central bank.

In 2020, she wrote about “The people’s ledger: how to democratize money and finance the economy»Which advocates the complete migration of sight deposit accounts to the Fed’s balance sheet

While Omarova still has to go through the nomination process which will include a Senate hearing, her strict financial services regulatory approach will align with President Biden’s current approach to banking and financial innovation in general.


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