Montana Democrat ‘Concerned’ about OCC Nominee

Sen. Jon Tester (D-Mont.) this week expressed hesitation about the Biden administration’s nominee, Saule Omarova, to serve as the next comptroller of the currency. “I want to give her a fair shake, but I do have concerns,” Tester told Politico, though he declined to comment further “until after I meet with her.”

Over the course of her career, Omarova—who is currently a professor at Cornell Law School—has advocated for a number of policies that would radically transform the bank regulatory landscape. She has previously proposed—among other things—that community banks “pass through” their deposits to the Federal Reserve, undermining the valuable role community banks play in their communities; to abolish the FDIC as deposit insurer and supervisor of state chartered institutions, effectively ending the dual banking system; and to break up regional and large banking organizations.

American Bankers Association President and CEO Rob Nichols told bankers at the 2021 ABA Annual Convention yesterday that “we respectfully—but strenuously—disagree with those positions and believe they are out of step with the role for which she is being considered.”