Biden plans to appoint Omarova as head of the U.S. Office of the Comptroller of the Currency, and Wall Street will usher in the most stringent regulation in history.

U.S. President Joe Biden plans to nominate Saule Omarova, a law professor who has criticized cryptocurrencies and advocated a greater role for the government in the banking industry, as director of the U.S. Office of the Comptroller of the Currency (OCC), after Omarova said that digital currencies are in danger of destabilizing the economy and are easily misused by private companies at the expense of public safety.

Analysts expect Omarova to pursue stricter regulations and rules. If she sticks to some of her most radical positions, such as shifting personal banking from private institutions to the Federal Reserve, it will raise questions about whether Biden supports her agenda.

But market analysis suggests Omarova could face tough challenges in the nomination process as Democrats have an absolute majority in the Senate. The bank, a significant bipartisan donor, may actively lobby against her candidacy.

So far, the Biden administration has struggled to find a candidate for the OCC's director. Earlier this year, the White House was forced to abandon previous candidates, including a former Treasury official who was opposed by Progressive Democrats. Former Fed official Michael Hsu has been acting as a proxy for the OCC since May.

If approved by the Senate, Omarova would be the first fully responsible female leader of the OCC. In the history of the OCC, only women have served as acting auditor generals.

Omarova worked as a banking lawyer at Davis Polk & Wardwell and as a special adviser to the Treasury Department in the administration of George W. Bush (George W. Bush).

In her academic paper, Omarova supports the transformation of consumer deposits into the Federal Reserve's digital dollar account, which she calls part of a "blueprint for a radical reinvention of the basic architecture and dynamics of modern finance." She has also commented on social media about distrust of large banks.

Liberal groups are likely to be happy with her nomination. The Action Center on Race and The Economy, which praised her as a potential candidate earlier this year, said in a statement, "[The appointment of Omarova] puts us on a path to correct past misconduct by administrations that are too close to Wall Street executives and ignore America's widening racial and economic disparities." ”