Tide moves toward law professor Mehrsa Baradaran as Biden OCC pick

Early this year, it seemed all but certain that the Biden administration would nominate Obama-era Treasury official Michael Barr to lead the Office of the Comptroller of the Currency (OCC). In recent weeks, however, the current has shifted toward Mehrsa Baradaran, a law professor at the University of California, Irvine.

Why should we care?
A Baradaran-led OCC could result in a strong oversight role for the agency, which is the primary bank regulator. As a legal scholar, Baradaran’s work has focused on narrowing the racial wealth gap and addressing inequality in the banking system. She has also expressed support for postal banking. Unlike Barr, who has ties to the fintech and crypto industries, Baradaran would step into the role as an industry outsider. One report suggested she may be viewed unfavorably by the crypto industry due to prior comments expressing skepticism about bitcoin. Others contend that policy differences between Barr and Baradaran aren’t significant, noting that both would be tough on banks and advocate for strong consumer protections. Early priorities for Baradaran could be the expansion of access to financial services and addressing discrimination in lending. Baradaran would be the first woman of color to lead the OCC. Another candidate rumored to be in the running for the nomination is Commissioner of the California Department of Business Oversight Manny Alvarez.