untitled design

Saule Omarova withdrew her candidacy for the post of head of the US OCC

Saule Omarova, nominated for the position of head of the Office of the Comptroller of the US Currency, withdrew her candidacy after hearings on her position on cryptocurrencies and banking.

Following Omarova’s refusal to accept the position, President Biden made
Official statement, in which he made her decision.

“Saule was subjected to inappropriate personal attacks that went far beyond what was acceptable. I appointed her to this position because of her experience in financial regulation and a long career in the private and public sectors as a leading scientist. ”

In a hearing on Omarova’s views on private banking and cryptocurrency regulation, she answered questions that worried Republicans and Democratic senators. Some of the Republicans commented on the fact that she was raised in the USSR. Cynthia Lummis asked Omarova about her position in relation to cryptocurrencies and stablecoins.

Omarova suggests that private companies developing infrastructure for stablecoins can put the interests of the company ahead of the interests of society. In addition, innovations from private companies can conflict with government policies, which must be implemented anyway.

Republican Senator Mike Crapo inquired about Omarova’s views on the work of large banks because of their relevance to climate change. On this issue, she advocates for the banking system to be able to withdraw from business “socially suboptimal industries.” According to Omarova, this can be done by limiting their access to bank loans.

“To get rid of the carbon financiers, we must deprive them of their source of capital.”
said she.

In November, Omarova already expressed fears that the status of the US dollar could be threatened by multinational companies issuing competing currencies.

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular