Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Facing opposition, U.S. bank regulator nominee pledges to protect small lenders

Facing opposition, U.S. bank regulator nominee pledges to protect small lenders

U.S. President Joe Biden's pick to lead one of the country's top banking regulators will focus on ensuring a fair and competitive market in which small and mid-size banks can thrive, according to her prepared congressional testimony released on Wednesday.
Saule Omarova will appear before the Senate Banking Committee on Thursday to explain why she should be confirmed as Comptroller of the Currency (OCC) despite opposition from banks, Republicans and even some Democrats.

In her testimony, Omarova said she wanted to protect small and mid-sized banks, which have shrunk in number in recent years, harming communities' access to credit.

"Community banks are also forced to compete with Big Tech companies, like Facebook, that do not play by the same rules," she wrote.

A professor at Cornell Law School and a former U.S. Treasury Department official as the financial crisis began unfolding in 2007, Omarova has won praise from Democratic progressives who believe she would be tough on Wall Street. She would also be the first woman to lead the 3,500-person agency.

But her nomination was met with fierce opposition from banks, who say her academic work arguing for big institutions to be broken up and for the Federal Reserve to provide public bank accounts is anti-capitalist. While nominees can pass with a simple majority, Omarova may still struggle to gain enough votes in a divided Senate, said Washington insiders.

Biden dropped his first pick for the post, former Treasury official Michael Barr, amid sharp criticism from progressives. If he is forced to withdraw Omarova's nomination, she would join Neera Tanden, whose nomination as budget director was dropped in March, and David Chipman, whose nomination to head the Bureau of Alcohol, Tobacco, Firearms and Explosives, was withdrawn in September.

"All of my academic work is driven by one desire: how to improve our financial system and our financial regulation so we do not have a repetition of the 2008 crisis. It's not about somehow destroying private banks; it’s not anti-free market," Omarova told Reuters in an interview.

"It's about making sure that our financial system channels credit and capital into the real economy, to companies that employ real people," she added.

Born and raised in Kazakhstan, at the time part of the Soviet Union, Omarova bristled at what she sees as largely personal attacks and "misperceptions of her work", and said her experience of an oppressive state-run system had given her an appreciation of American values.

"I've lived for years in fear of saying what I thought and ... that’s what I really value in America. Being an academic in America entitles me, and gives me that freedom, to think about things that bankers do not think about because it's not their job."
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
G7 Leaders Fail to Reach Consensus on Key Global Issues
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
×