Congressman Patrick McHenry, the ranking minority member on the House Financial Services Committee and keen supporter of financial innovation, has issued a statement on the Biden’s Administration selection to manage the Office of the Comptroller of the Currency. Yesterday, President Biden announced he had selected Saule Omarova, a Cornell law professor, to become the Comptroller of the Currency thus putting her in a key position to regulate the banking industry and to impact Fintechs. As an academician, Omarova has a known history of being critical of the banking industry and Wall Street in general.
McHenry released the following statement regarding Omarova’s nomination:
“President Biden is once again placating his radical base by nominating Saule Omarova as the head of the OCC,” said McHenry. “I am concerned Professor Omarova will prioritize a progressive social agenda over the core mission of the OCC—supervising and managing risk in our financial system. Our financial regulators must focus on pro-growth policies that foster innovation to build a robust and inclusive economic recovery, rather than Democrats’ obsession with vague social objectives.”
Biden’s selection aligns with a significant shift to focus on greater regulation regarding financial services – perhaps to the detriment of Fintech innovation.