As per the recent developments, political opposition and some of the top bankers have raised their voices against U.S President Joe Biden’s decision of hiring Saule Omarova as the head of OCC.
Some of the famous names who have criticized the decision is the Texas state Senator Ted Cruz. Ted fears that Omarova can push too hard for crypto regulation which can drag crypto into oblivion. The pressure is continuously mounting on the U.S President regarding his plans to hire a staunch critic, who is some driven by her personal hate towards the crypto, as the head of OCC.
Critics have also voiced that the way Omarova perceives the crypto market and some of the world biggest financial institutions’ operational hierarchy is alarming. Hiring her can put the stability of the financial sector of U.S at stake. The plan to hire law professor, Saule Omarova, as the head of the federal bank regulatory agency has sent troublesome signals in political, financial, and crypto circles. Omarova in her past has openly criticized the crypto and big banks. Some of the country’s leading economic and political experts have said that hiring Omarova at this critical time can really throw country into deep chaos and economic turmoil. As local and international economic crisis is at worst due to the Covid-19 lockdown, crypto has provided the government with an alternative way of generating income.
Texas Republican Senator Ted Cruz, who has recently shifted his narrative in the favor of crypto and digital assets trading argued that hiring some like Omarova can destroy the whole financial fabric of the country. Her policies would change the dynamics of the industry. He further added that “Saul Omarova is not only a threat to the U.S traditional financial system, but she also wants to drag crypto into oblivion. A moment has arrived where crypto can reshape the future of the world’s economy. At this moment of time hiring someone like Saul Omarova can sabotage the country’s monetary system. It has to stop at any cost.”
As of this writing many famous individuals belong to various sectors have opposed this decision. However, some of the U. S’s biggest corporate and commercial banks have also criticized Biden’s plan to hire Saul Omarova as the head of OCC. As of this writing, the American Bankers Association said that they will publicly fight the decision and raise their voice against it at every possible forum. Pat Toomey, a Republican, a member of the U.S Senate Banking Committee, also raised his voice against the Biden’s plans. He said that hiring an extreme leftist,” can burn anything she touches to ground.