President Biden To Appoint Vocal Anti-Crypto and Big Bank Critic as Director Of Wall Street's Regulator

2021-09-23 18:00:37
Saule Omarova and her economic views

It seems like US President Joe Biden intends to appoint anti-crypto law professor, attorney and public policy advisor Saule Omarova as director of the Office of the Comptroller of the Currency, or OCC. Mrs Omarova who is known for her request to tightly regulate Wall Street is a vocal anti-crypto activist as well.

In fact, Saule Omarova is famous for saying that she wishes to ‘end banking as we know it. So it should come as no surprise that this attitude of Mrs Omarova applies to every aspect of US fiscal policy.

It is because of this fierce reputation, President Biden believes the Cornell law professor to be perfect for this job. Especially since the OCC is the main regulator and supervisor of the biggest lenders of the US. We are talking about JPMorgan Chase & Co., Citigroup Inc., and Bank of America Corp.

And since Omarova supports imposing strict rules and holds such radical views on regulatory measures, it is only natural for the big banks to dislike the idea of Omarova leading the OCC.

Another reason why big banks may oppose this decision is due to the intentions of Omarova for the Federal Reserve. More specifically, the attorney intends to take away the power from private financial institutions even further. She plans to do this by merging consumer banking with the Federal Reserve.

And considering that the Democrats have the slightest majority in the Senate, we expect a big opposition from these private donor banks. The reason for that is quite simple. The banks are usually the ones who fund the political parties.

Radical Ideas

Furthermore, this private banking distrust also transfers towards the radical anti-crypto stance of Omarova. The reason why she distrusts digital assets is due to the potential of crypto to destabilize US economy. Or as per her words. cryptocurrencies are ‘benefiting mainly the dysfunctional financial system we already have.” 

In addition, she also believes that cryptocurrencies are simply too vulnerable. As such, she states that they are very easy to manipulate and be abused by private companies. And the worst part, she believes that this way of work can only hurt the public.

While it is clear as daylight that the banks don’t like the policies of Omarova, it seems like the public and liberals are quite fond of her attitude. Especially for having the courage to publicly go after JPMorgan and her no-nonsense stance on cryptocurrencies.

In fact, many even believe that President Biden plans to appoint anti-crypto critic Omarova as the director of the OCC, especially due to her anti-crypto and anti-Wall Street views. Consequently, serving as a lightning rod whenever the banks start to lash out. Just take a look at her rather critical Twitter comment on JPMorgan Chase:

Does the world need JPMorgan to grow bigger and more powerful?” she asked in one tweet. After big banks announced increases in dividends and stock buybacks she remarked, “Oh, great! That’s what this country needs more of.Saule Omarova
Perfect for the job

It is because of this that the majority of the public wishes to see Mrs Omarova win this nomination. She definitely has the experience to take on such a demanding job. Having served as a special advisor for President George W. Bush’s US Treasury Department.

In addition, she also worked as a banking lawyer for Davis Polk & Wardwell and has several notable academic degrees in her portfolio.

For that matter, she has a Moscow State University degree, a degree from Northwestern University School of Law, and she obtained a doctorate from the University of Wisconsin as well. Just as the Action Center on Race and the Economy said just a few months ago:

Saule Omarova puts us on a path to correct the wrongdoings of past administrations who have been too cosy with Wall Street executives while ignoring the widening racial and economic disparities in our country.Action Center on Race and the Economy

 

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