Saule Omarova: Difference between revisions

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== Career ==
== Career ==
Omarova practiced law in the Financial Institutions Group of [[New York City|New York]]-based law firm [[Dewey, Cheatem & Howe]] for six years.<ref>{{Cite web|title=Written Testimony of Saule T. Omarova, Associate Professor of Law, University of North Carolina at Chapel Hill Before the Senate Committee on Banking, Housing, and Urban Affairs, Subcommittee on Financial Institutions and Consumer Protection (July 23, 2013)|url=https://www.banking.senate.gov/imo/media/doc/OmarovaTestimony72313FICP.pdf|url-status=live|access-date=September 2, 2021|website=United States Senate}}</ref> During the [[Presidency of George W. Bush|George W. Bush Administration]], Omarova served in the Department of the Treasury as a special advisor on regulatory policy to the [[Under Secretary of the Treasury for Domestic Finance|Under Secretary for Domestic Finance]].<ref name=":3">{{Cite web|title=Written Testimony of Saule T. Omarova Before the United States Senate Committee on Banking, Housing, and Urban Affairs "Fintech: Examining Digitization, Data, and Technology"|url=https://www.banking.senate.gov/imo/media/doc/Omarova%20Testimony%20and%20Appendix%209-18-18.pdf|url-status=live|website=United States Senate}}</ref> During her time as an associate professor of law at the [[University of North Carolina at Chapel Hill]], Omarova was a witness at a [[United States Senate|U.S. Senate]] hearing on bank ownership of energy facilities and warehouses.<ref>{{Cite web|title=Examining Financial Holding Companies: Should Banks Control Power Plants, Warehouses, and Oil Refineries?|url=https://www.banking.senate.gov/hearings/examining-financial-holding-companies-should-banks-control-power-plants-warehouses-and-oil-refineriesd|url-status=live|access-date=2021-09-04|website=United States Senate Committee on Banking, Housing, and Urban Affairs|language=en}}</ref>
Omarova practiced law in the Financial Institutions Group of [[New York City|New York]]-based law firm [[Davis Polk & Wardwell]] for six years.<ref>{{Cite web|title=Written Testimony of Saule T. Omarova, Associate Professor of Law, University of North Carolina at Chapel Hill Before the Senate Committee on Banking, Housing, and Urban Affairs, Subcommittee on Financial Institutions and Consumer Protection (July 23, 2013)|url=https://www.banking.senate.gov/imo/media/doc/OmarovaTestimony72313FICP.pdf|url-status=live|access-date=September 2, 2021|website=United States Senate}}</ref> During the [[Presidency of George W. Bush|George W. Bush Administration]], Omarova served in the Department of the Treasury as a special advisor on regulatory policy to the [[Under Secretary of the Treasury for Domestic Finance|Under Secretary for Domestic Finance]].<ref name=":3">{{Cite web|title=Written Testimony of Saule T. Omarova Before the United States Senate Committee on Banking, Housing, and Urban Affairs "Fintech: Examining Digitization, Data, and Technology"|url=https://www.banking.senate.gov/imo/media/doc/Omarova%20Testimony%20and%20Appendix%209-18-18.pdf|url-status=live|website=United States Senate}}</ref> During her time as an associate professor of law at the [[University of North Carolina at Chapel Hill]], Omarova was a witness at a [[United States Senate|U.S. Senate]] hearing on bank ownership of energy facilities and warehouses.<ref>{{Cite web|title=Examining Financial Holding Companies: Should Banks Control Power Plants, Warehouses, and Oil Refineries?|url=https://www.banking.senate.gov/hearings/examining-financial-holding-companies-should-banks-control-power-plants-warehouses-and-oil-refineriesd|url-status=live|access-date=2021-09-04|website=United States Senate Committee on Banking, Housing, and Urban Affairs|language=en}}</ref>


In August 2021, Omarova's name was floated as a potential contender to lead the [[Office of the Comptroller of the Currency]] (OCC) under President [[Joe Biden]].<ref name=":1">{{Cite news|last=Flitter|first=Emily|date=2021-08-05|title=New Candidate for Top Bank Regulator Sees Risks in Crypto and Fintechs|language=en-US|work=The New York Times|url=https://www.nytimes.com/2021/08/05/business/occ-comptroller-Saule-Omarova.html|access-date=2021-09-04|issn=0362-4331}}</ref> She was chosen to serve as comptroller of the currency in September 2021, pending Senate confirmation.<ref name=":5" />
In August 2021, Omarova's name was floated as a potential contender to lead the [[Office of the Comptroller of the Currency]] (OCC) under President [[Joe Biden]].<ref name=":1">{{Cite news|last=Flitter|first=Emily|date=2021-08-05|title=New Candidate for Top Bank Regulator Sees Risks in Crypto and Fintechs|language=en-US|work=The New York Times|url=https://www.nytimes.com/2021/08/05/business/occ-comptroller-Saule-Omarova.html|access-date=2021-09-04|issn=0362-4331}}</ref> She was chosen to serve as comptroller of the currency in September 2021, pending Senate confirmation.<ref name=":5" />

Revision as of 19:29, 13 November 2021

Saule Omarova
Omarova in 2018
Nominee for
Comptroller of the Currency
PresidentJoe Biden
SucceedingMichael J. Hsu (acting)
Personal details
Born1966 (age 57–58)
West Kazakhstan Region, Kazakh SSR, Soviet Union (now Kazakhstan)
EducationMoscow State University (BA)
University of Wisconsin–Madison (MA, PhD)
Northwestern University (JD)

Saule Omarova (Kazakh: Сәуле Тарихқызы Омарова; born 1966) is a Kazakh-American attorney, academic, and public policy advisor who was nominated to serve as comptroller of the currency by President Joe Biden.[1]

Omarova is currently the Beth and Marc Goldberg Professor of Law at Cornell Law School, where her work focuses on financial regulation and corporate governance.[2] Omarova previously served as an advisor within the Department of the Treasury.[3] She is a Senior Berggruen Fellow at the Berggruen Institute in Los Angeles.[4][5]

Early life and education

Omarova was born in West Kazakhstan Region of the Kazakh Soviet Socialist Republic,[6] stating in a 2020 interview with Chris Hayes that "I went to high school in a small, tiny Kazakh provincial town on the outskirts of the Soviet Empire."[7] Omarova graduated from Moscow State University in 1989 on the Lenin Personal Academic Scholarship.[8][9] Her thesis from MSU is titled Karl Marx's Economic Analysis and the Theory of Revolution in The Capital.[10] Omarova moved to the United States in 1991,[7] where she received a Ph.D in political science from the University of Wisconsin–Madison (UW), and a Juris Doctor from Northwestern University Pritzker School of Law.[2] At UW, Omarova defended her thesis, The Political Economy of Oil in Post-Soviet Kazakhstan.[11]

Career

Omarova practiced law in the Financial Institutions Group of New York-based law firm Davis Polk & Wardwell for six years.[12] During the George W. Bush Administration, Omarova served in the Department of the Treasury as a special advisor on regulatory policy to the Under Secretary for Domestic Finance.[3] During her time as an associate professor of law at the University of North Carolina at Chapel Hill, Omarova was a witness at a U.S. Senate hearing on bank ownership of energy facilities and warehouses.[13]

In August 2021, Omarova's name was floated as a potential contender to lead the Office of the Comptroller of the Currency (OCC) under President Joe Biden.[14] She was chosen to serve as comptroller of the currency in September 2021, pending Senate confirmation.[1]

Policy positions

National Investment Authority

Omarova is noted for her support for a "National Investment Authority" (NIA),[15] a proposal she has likened to New Deal-era programs. The proposal was first developed in 2015 in conjunction with Robert C. Hockett, a fellow Professor of Law at Cornell Law School.[16] Omarova has stated that an NIA would be responsible for "devising, financing, and executing a long-term national strategy of economic development and reconstruction."[17]

In a recent paper "The People's Ledger: How to Democratize Money and Finance the Economy," she has proposed an "overtly radical reform" plan for the Federal Reserve to "effectively end banking as we know it", to offer consumer bank accounts and become "the ultimate public platform for generating, modulating, and allocating financial resources in a modern economy, calling this plan "ultimately a more pragmatic and sensible response to the challenge of democratizing finance." She has advocated expanding the Federal Reserve's mandate to include the price levels of "systemically important financial assets" as well as worker wages. [18] [9] [19]

The proposed NIA would be made up of two components: a "National Infrastructure Bank (NIB), as well as and a National Management Corporation (which she nicknames "Nicki Mac"), which would serve to invest in green technologies.[20] A 2020 article published in The New York Times reported that the proposed NIA would function in a manner similar to the Federal Reserve, and compared the NIA framework to the Reconstruction Finance Corporation created in 1932.[21]

Financial regulation

According to a report by The New York Times, Omarova favors stricter regulations on cryptocurrencies and financial technology (fintech) companies.[14] In response to reports that Facebook may launch its own cryptocurrency, Omarova argued it was an example of "Big Tech companies [resorting] to ever more creative ways to expand a monopolistic and extractive business model under the guise of corporate activism."[22] In a paper by Omarova published in the Yale Journal on Regulation, "New Tech v. New Deal: Fintech as a Systemic Phenomenon" (2019), she argues that some financial technology applications have served as "destabilizing mechanisms".[23]

References

  1. ^ a b Reuters (2021-09-23). "Biden to tap big-bank critic Omarova to head OCC - Bloomberg News". Reuters. Retrieved 2021-09-24. {{cite news}}: |last= has generic name (help)
  2. ^ a b "Saule Omarova". Cornell Law School. Retrieved 2021-09-04.
  3. ^ a b "Written Testimony of Saule T. Omarova Before the United States Senate Committee on Banking, Housing, and Urban Affairs "Fintech: Examining Digitization, Data, and Technology"" (PDF). United States Senate.{{cite web}}: CS1 maint: url-status (link)
  4. ^ Yablon, Alex (2021-07-16). "Opinion | Could Banking Magic Save Cities From Climate Disaster?". The New York Times. ISSN 0362-4331. Retrieved 2021-10-20.
  5. ^ "Berggruen Institute Announces 2021-2022 Class of Fellows, Imagining New Possibilities for the Post-Covid World - News". Berggruen Institute. Retrieved 2021-10-20.
  6. ^ "Байден Сәуле Омарованы Қаржы министрлігіндегі жоғары лауазымға тағайындамақ". inbusiness.kz (in Kazakh). 2021-09-23. Retrieved 2021-10-07.{{cite web}}: CS1 maint: url-status (link)
  7. ^ a b "Why Is This Happening? Saving the economy with Saule Omarova". NBC News. Retrieved 2021-09-06.
  8. ^ "Biden's Controversial Soviet-Born Pick For A Top U.S. Financial Post". RadioFreeEurope/RadioLiberty. Retrieved 2021-10-24.
  9. ^ a b "Comptroller of the Economy". WSJ. 2021-09-30.{{cite web}}: CS1 maint: url-status (link)
  10. ^ "Calls on Omarova to Turn Over Her Moscow State Thesis on Marxism". Senate.gov. 2021-10-06.{{cite web}}: CS1 maint: url-status (link)
  11. ^ Omarova, Saule (1999). The Political Economy of Oil in Post-Soviet Kazakhstan (PhD). University of Wisconsin-Madison.
  12. ^ "Written Testimony of Saule T. Omarova, Associate Professor of Law, University of North Carolina at Chapel Hill Before the Senate Committee on Banking, Housing, and Urban Affairs, Subcommittee on Financial Institutions and Consumer Protection (July 23, 2013)" (PDF). United States Senate. Retrieved September 2, 2021.{{cite web}}: CS1 maint: url-status (link)
  13. ^ "Examining Financial Holding Companies: Should Banks Control Power Plants, Warehouses, and Oil Refineries?". United States Senate Committee on Banking, Housing, and Urban Affairs. Retrieved 2021-09-04.{{cite web}}: CS1 maint: url-status (link)
  14. ^ a b Flitter, Emily (2021-08-05). "New Candidate for Top Bank Regulator Sees Risks in Crypto and Fintechs". The New York Times. ISSN 0362-4331. Retrieved 2021-09-04.
  15. ^ "The idea for a National Investment Authority, explained (with Saule Omarova)". Pitchfork Economics. Retrieved 2021-09-04.
  16. ^ "Saule Omarova on Emergency Fiscal Facilities and the Missing Architecture of Government Finance". Mercatus Center. 2021-03-07. Retrieved 2021-09-04.
  17. ^ Omarova, Saule (2020-12-01). "Public Investment Reimagined: A National Investment Authority". The American Prospect. Retrieved 2021-09-04.
  18. ^ Omarova, Saule (25 Feb 2021). "The People's Ledger: How to Democratize Money and Finance the Economy". Retrieved 2021-10-04.
  19. ^ "Biden taps Wall Street critic Saule Omarova for key banking regulation post". Washington Post. 2021-09-30. Retrieved 2021-10-04.{{cite web}}: CS1 maint: url-status (link)
  20. ^ Aronoff, Kate (2020-08-14). "A Novel Way to Fund a Green Economy". The New Republic. ISSN 0028-6583. Retrieved 2021-09-04.
  21. ^ Yablon, Alex (2021-07-16). "Opinion | Could Banking Magic Save Cities From Climate Disaster?". The New York Times. ISSN 0362-4331. Retrieved 2021-09-06.
  22. ^ "Millions of Low-Income People Are Locked Out of The Financial System. More Big Tech Monopoly Power Is Not The Answer". The Lab by the Appeal. Retrieved 2021-09-05.
  23. ^ Omarova, Saule T. (2019-01-01). "New Tech v. New Deal: Fintech as a Systemic Phenomenon". Yale Journal on Regulation. 36 (2). ISSN 0741-9457.
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