ICBA and state community banking groups expressed opposition to Cornell University law professor Saule Omarova’s nomination to lead the Office of the Comptroller of the Currency.

Letter: Writing to the Senate Banking Committee ahead of today’s nomination hearing, the groups cited Omarova’s academic papers and public statements that propose:

  • Transferring private retail banking functions to the Federal Reserve.

  • Fully replacing private bank deposits to “end banking as we know it.”

Quote: “Our opposition is based on a careful review of Professor Omarova’s record of published scholarship and public statements on the topic of American banking policy,” the groups wrote. “Her positions are alarming to community banks.”

Concerns: ICBA has expressed concerns with Omarova’s policies since President Joe Biden announced plans to nominate her for comptroller in September.