President Biden and his team are thinking to appoint Saule Omarova, a Kazakhstani American attorney as the head of the Office of the Comptroller of the Currency (OCC). OCC is the institution that monitors the U.S. banking sector. She is also an academic researcher and a former policy adviser. Omarova is also an Anti-Crypto and Anti-Big Bank individual. Many people have said that she is biased in her opinion. However, Omarova is a staunch critic of both of these systems. In her past she also vowed to “end the banking system as we know it.”
Her thoughts about the crypto market are also pretty disregarding and threatening. She often said that crypto is a system that utilizes the current dysfunctional financial system for its own gain by creating uncertainty. She had also said that altering the current banking system would automatically send crypto market to ground.
Yesterday, a report published on the Bloomberg cited three to four anonymous sources argued that its quite possible that Saule Omarova might be appointed as the new head of the Office of the Comptroller of the Currency (OCC). Announcement can happen as soon as this week.
As of this writing, she currently serves as the law professor at Cornell University Law School. She is also the one who believes that strict regulations must be imposed on crypto sector by any means. She does believe that crypto is a burden on the stability of economic paradigm. However, it uses the large financial entities to exploit the economic stability.
Omarova specializes in banking law and corporate finance. If she is appointed, her tenure would be totally different as compared to past. Experts have said that with Omarova sitting on the top of OCC there would a massive paradigm shift in terms of U.S government’s treatment of crypto currencies.
However, there are some other scholars have criticized the idea to appoint an academy who is unidirectional as the head of OCC. They have argued that the current financial situation of U.S does not allow any further sanctions or harsh treatment of big financial and crypto brands. This would only worse the economic condition. On the other hand, it will also make Mr. Biden’s job tougher. President Biden who has been criticized heavily upon its performance so far, can’t afford this.
Omarova’s radical view about the large financial institutes can create a new financial crisis for the government and the people of the U.S Analysts have said that Omarova is not a suitable candidate for this position and she would not have an easy ride to claim the OCC job. She might face massive resistance.