President Joe Biden is pushing to nominate Cornell University Law School professor Saule Omarova to lead the Office of the Comptroller of the Currency (OCC), a move that could happen as soon as this week, Bloomberg reported on Thursday, September 23, citing three unnamed sources.
Omarova is an outspoken critic of traditional banking and cryptocurrency and has called for the government to play a larger and more active role in the country’s financial services sector. As head of the OCC, she would monitor the country’s biggest banks and implement rules regarding FinTech startups and cryptocurrency firms.
Quoted as saying she wants to “end banking as we know it,” as head of the OCC, Omarova is anticipated to go after more rigorous rules and take an aggressive stance on industry oversight. Among her viewpoints is taking consumer banking from the private sector and transferring control to the Federal Reserve.
She also wrote a paper in favor of restructuring the Federal Reserve and recommended that the agency provide consumer bank accounts, a move she said will better serve consumers and make the entire financial system “less complex, more stable and more efficient.”
Skeptical about FinTech firms and digital currencies, Omarova has said that she doesn’t see the consumer benefits companies claim to offer.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Extends Support for Farms and Fisheries Amid Market Disruptions
May 5, 2024 by
CPI
Sony and Apollo Bid $26 Billion for Paramount Acquisition
May 5, 2024 by
CPI
Goldman Sachs Resolves Decade-Old Metal-Rigging Class Action Lawsuit
May 5, 2024 by
CPI
Italian Antitrust Ruling Puts Halt on Intesa Sanpaolo’s Fintech Ambitions
May 5, 2024 by
CPI
Google Antitrust Case: Closing Arguments Conclude
May 5, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI