The OCC’s plate is already full ensuring the soundness of the largest lenders , among them, scandal-plagued Wells Fargo
. Under former President Donald Trump, the agency parted with other regulators to come up with its own rules on financial services in minority communities and caused confusion with seemingly politically motivated measures on lending. It hasn’t had a permanent boss in months. Omarova’s out-of-the-box proposals are bold but don’t fit the OCC’s mission . It has no power to reshape the Fed. Her push to democratize finance would be better placed advising Democratic policymakers in Congress. Omarova still needs the approval of every Democrat in the Senate. The financial firms that hold some $17.5 trillion of U.S. deposits will hope she falls short.
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