President Biden’s pick for Comptroller of the Currency withdrew today after critics, including the Competitive Enterprise Institute, exposed her many statements sympathetic to communism.
CEI Senior Fellow John Berlau expressed relief that a nominee so hostile to financial institutions and their consumers would not head a powerful regulatory agency:
“The withdrawal of the nomination of Saule Omarova to be Comptroller of the Currency is a victory for community banks, FinTech innovators, and consumers. It is heartening that Senators of both parties concluded that Omarova’s statements calling for nationalization of deposit banking, wishing for bankruptcy of small energy companies, and sympathizing with the social policy of her native Soviet Union rendered her unfit to serve in this vital position.
“Omarova had stated in a law review article published just two months ago that she believes in an ‘ultimate end-state whereby central bank accounts fully replace—rather than compete with’ all ‘private bank deposits.’ She had called for a system in which the government can automatically ‘credit’ or ‘debit’– meaning take money from – so-called Fed Accounts, with which she would have replaced deposits at private banks.
“If confirmed as Comptroller, Omarova would have done much harm with the power to regulate those banks she has admitted to having an inherent bias against. The Senators who courageously put their feet down in rejecting this nomination must scrutinize the Biden administration’s next nominee to this position to ensure he or she does not have similar policy views so harmful to community banks and fintech innovators. And the Biden administration should consult with these senators to find a nominee who is sympathetic to fintech and small banks.”