It has been reported that the “Biden-administration” is expected to propose Saule Omarova (an American ex-policy advisor, professor, and attorney who is from Kazakhstan) to lead the OCC (Office-of-the-comptroller-of-the-currency), which is a department to oversee the banking sector of the United States. Omarova has criticized both the crypto assets as well as the sector of traditional banking in previous times. She has categorized crypto to be a beneficial factor, particularly for the defective system of finance. As per a report of 22nd September by Bloomberg referring toward unknown sources acquainted with the process of nomination, Omarova has chances to be nominated within the current week.
Presently functioning as a professor of law at “Cornell-University-Law-School,” it is expected by her to pursue stricter regulations regarding crypto because, according to her, the sector is endangering economic stability and has witnessed abuse from bigger private financial bodies. She has a specialization in corporate finance and banking law. If Omarova is confirmed to lead the OCC, a significant shift seems to be experienced by the department as compared to the former administration having Brian Brooks (a crypto opponent) as the head of the agency during the Trump presidency’s later period. Some far-reaching prescriptions have also been offered by Omarova regarding the industry of finance.
Omarova has supported that the “consumer-banking-services” should entirely be managed by the Federal-Reserve instead of being controlled by some private institutions. Formerly, she had also served to be an extraordinary advisor under the Treasury Department of the United States for its regulatory policy during the presidency of “George-W.-Bush.” Nonetheless, Omarova will not be able to get at the job without facing a strong fight by the Democrats, who are presently having a prominent majority within the Senate as well as the sector of banking. They are also expected to lobby in contradiction of her appointment.
If selected, Omarova would come to be the first woman acting formally as the head of the agency, while a female had directed the OCC in history. It has been reported by the “New York Times” that the Biden administration had begun to observe the suitability of Omarova for her role at the start of August. Previously, the Democrats were expecting Mehra Baradaran (a law professor) and Michael Barr (a former official of Treasury) to act the role; nevertheless, neither of them could make it to have enough support.