//Carr urges Congressional leaders to reject nominee for Comptroller of the Currency

Carr urges Congressional leaders to reject nominee for Comptroller of the Currency

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Attorney General Chris Carr wrote to Congressional leaders to voice his strong opposition to President Biden’s nomination of Professor Saule Omarova to serve as the next Comptroller of the Currency. The letter was sent in response to Professor Omarova’s prior comments in which she expressed her clear objection to most, if not all, aspects of the existing banking and financial system, including the current structure of national banks, community banks and fintech businesses.  

“This nomination threatens our free-market economy and individual sovereignty in financial decision-making,” said Carr. “Professor Omarova’s dangerous comments regarding the private sector, and specifically the very system she has been nominated to lead, point to President Biden’s ill regard for the industries that contribute to our economic growth and success. Professor Omarova’s preference for central planning and an all-powerful Federal Reserve are cause for alarm, and we call upon our federal leaders to reject this nomination immediately.”

In the letter, Carr argues Professor Omarova’s publicly expressed disdain for the financial services industry proves she fundamentally lacks the ability to lead the Office of the Comptroller of the Currency with the objectivity and impartiality required of its administrator. Carr takes note of Professor Omarova’s own writings in which she makes clear her sentiments to eliminate the role of our private banking institutions, effectively constraining freedom and competitiveness in the marketplace. 

As referenced in the letter, Professor Omarova’s agenda focuses largely on circumventing the private banking industry to, among other actions, redirect all commercial deposits to be held by the Federal Reserve. In her writings, Professor Omarova also details her plans to create an all-encompassing central banking system. Carr argues this type of policy would pose a significant threat to the vitality of our community banks, the businesses they serve, and the local economies that benefit from the economic activity generated by local lending practices. 

Carr also notes Professor Omarova’s extensive comments in which she states her support for placing immense limitations on the fintech sector and bankrupting smaller coal, oil and gas companies. 

A copy of the letter is available Download this pdf file. here