41 State Banking Associations: Saule Omarova’s Confirmation Could ‘Jeopardize’ Economic Growth

Senate Committee on Banking, Housing and Urban Affairs, Screenshot
Senate Committee on Banking, Housing and Urban Affairs

Forty-one state banking associations wrote a letter Wednesday to members of the Senate Banking Committee, noting that Saule Omarova’s confirmation could “jeopardize” economic growth.

The Independent Community Bankers of America and 41 state banking associations, which represent thousands of community banks, urged Senate Banking members to oppose Saule Omarova’s potential confirmation to be Comptroller of the Currency (OCC).

The banking associations noted that they rarely oppose a presidential nominee; however, the banking associations said that her radical views disqualify her for the position. They noted that she has written academic papers calling for the elimination of private bank accounts and transferring them to the Federal Reserve.

“We take this unusual step based on the nature of Prof. Omarova’s public positions and the impact they would have on community banks,” the banking associations wrote.

The banking associations noted that her paper, “The People’s Ledger,” would eliminate community banks and relegate them to the “representative offices” of the Federal Reserve.

“This proposal is anathema to community banks and would undermine the role they play in driving local economic activity and development. The core mission of community banks is support for small business and households based on intimate knowledge and their communities,” the associations wrote.

Omarova also opposed the Economic Growth, Regulatory Relief and Consumer Protection Act, which provided regulatory relief for small and medium-sized businesses from the Dodd-Frank banking legislation.

“Professor Omarova stands well outside of this bipartisan consensus framework and could seek as Comptroller to undermine it and thereby jeopardize American economic growth,” the associations wrote.

The banking association letters could provide extra pressure for moderate Democrats to oppose Omarova’s confirmation.

The Arizona Bankers Associations and the Montana Independent Bankers association could pressure Sens. Jon Tester (D-MT) and Kyrsten Sinema (D-AZ), both of who have expressed concerns about Omarova, to oppose her confirmation.

Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter @SeanMoran3.


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