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OCC Nominee Testifies at Senate Banking Committee Hearing

OCC Nominee Testifies at Senate Banking Committee Hearing

Posted: Nov 23 2021
Last week, Saule Omarova, President Biden’s nominee to serve as the next comptroller of the currency, faced tough questions from lawmakers on both sides of the aisle regarding her views on banking issues.  In particular, several Senators questioned her opposition to the bipartisan S. 2155 regulatory reform law that was signed into law in 2018. 

In addition, lawmakers raised concerns with Omarova’s comments on several other issues, including her position on “debanking” what she referred to as “socially sub-optimal industries” and her past support for transferring private retail banking functions to the Federal Reserve and fully replacing private bank deposits with so-called FedAccounts.  In prepared testimony, Omarova said community banks are crucial to extending credit in local communities, and she pledged that community banks would not find a stronger ally.
 
The Senate Banking Committee must now consider whether to hold a vote to send the nomination to the full Senate.  No date has been set for a confirmation vote.
 
To read testimony from the hearing and view an archived webcast, visit: https://www.banking.senate.gov/hearings/11/10/2021/nomination-hearing

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