President Joe Biden is expected to nominate Saule Omarova, a Cornell University law professor, to lead the Office of the Comptroller of the Currency (OCC). In prior comments, Omarova has been critical of big banks and the crypto sector.

Why should we care?
Omarova’s possible nomination has been characterized as a “shot across the bow” to Wall Street, in light of past comments saying she wanted to “end banking as we know it.” If confirmed, the implications of Omarova’s leadership could be far reaching, in light of the OCC’s role to supervise large banks. Omarova has also been critical of cryptocurrencies, saying they benefit the “dysfunctional financial system we already have.” In previous academic work, she’s advocated for moving consumer deposits into digital-dollar accounts at the Federal Reserve. Though Omarova could face significant challenges during the Senate confirmation process, if approved, she would be the first woman to lead the agency (the OCC has only ever been led by a woman in an acting capacity). Omarova, a native of Kazakhstan, previously worked as a banking lawyer and special adviser in President George W. Bush’s Treasury Department. Others reported to be under consideration for the OCC leadership but later dropped by the Biden administration include former Treasury official Michael Barr and law professor Mehrsa Baradaran.