Biden’s OCC pick faces a delicate balance among moderates

Banking Dive, October 20, 2021, Biden’s OCC Pick Faces a Delicate Balance Among Moderates

The opposition Omarova has faced since Biden announced his intent to nominate her last month, has some questioning why the administration selected such a polarizing candidate, especially after reports emerged this year that Michael Barr, a former Ripple adviser who also served as assistant secretary of the Treasury for Financial Institutions under President Barack Obama, was being considered. 

Omarova has received support from several low-income advocacy groups, including from the National Community Reinvestment Coalition. Her nomination seems to be an attempt to appease the progressives, who previously criticized Barr’s nomination believing he would not be tough enough on big banks, unlike Omarova.

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