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.