ICBA, state groups oppose Omarova OCC nomination

Nov. 18, 2021

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.