Borrowing money

Biden to appoint Willow Omarova as OCC head

President Joe Biden pushes for appointment of Cornell University law school professor Omarova willow to lead the Office of the Comptroller of the Currency (OCC), a move that could happen as early as this week, Bloomberg reported Thursday (September 23), citing three anonymous sources.

Omarova openly criticizes traditional banking and cryptocurrency and called on the government to play a bigger and more active role in the country’s financial services sector. As head of the OCC, she would oversee the country’s biggest banks and enforce rules regarding FinTech startups and cryptocurrency companies.

See also: Biden controls Saule Omarova at the head of the OCC

Quoted as saying he wants to “end banking as we know it”, as head of the OCC, Omarova should enforce stricter rules and take an aggressive stance on monitoring the sector. One of his views is to withdraw personal banking services from the private sector and transfer control to the Federal Reserve.

She also wrote a paper in favor of the Federal Reserve restructuring and recommended that the agency provide bank accounts to consumers, a move it says will better serve consumers and make the entire financial system “less complex, more stable and better. effective “.

Skeptical of FinTech companies and digital currencies, Omarova said she failed to see the consumer benefits the companies claim to offer.

Read more: OCC’s new presumptive leadership announces upcoming crypto regulation

“What we should really be thinking about is what should we do to shift that balance and have the Fed and the Treasury and maybe other public institutions maybe take a bigger stake in the infrastructure? itself, in providing financial services, ”she told Politico. “We need to bring more adults into the room, the adults meaning the audience.”

A native of Kazakhstan, Omarova is said to be the first woman and person of color officially appointed to head the OCC.

You can also enjoy: OCC launches public civil lawsuit against former Wells Fargo executives

News of Omarova’s likely appointment comes as Jerome Powell’s post as Federal Reserve Chairman is in limbo pending Biden’s reappointment.

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NEW REPORT: TECHREG ™ CHRONICLE – DECEMBER 2021

On: This report represents the inaugural edition of the TechREG ™ Chronicle. The regulation of digital companies appears to be one of the key issues of our time. Through this new publication, we seek to contribute to the debate and discussion about when, how and when not to regulate digital businesses and the key technologies they use.