Column: Biden nominee Omarova faces an ugly attack because banks fear she'll be a tough regulator
Baggage fees, drug prices, net neutrality — Biden aims to reduce industry’s control of your daily life.
Kennedy and his fellow Republicans have mined this history to suggest Omarova is an unreconstructed communist. She might have added that since receiving her Ph.D. at Wisconsin and a law degree from Northwestern, she worked for six years at the corporate law firm Davis Polk, hardly a socialist hive, andBut this was all cynical posturing on Kennedy’s part, of course. Sen. Elizabeth Warren , who has as finely tuned an antenna for phoniness as anyone in the Senate, had the opponents’ number.
In practical terms, the transfer would be voluntary on the part of depositors, though as Omarova observed, it would be more effective to simply transfer all such accounts to the Fed. In her view, this would solve, or at least ameliorate, numerous problems resulting from banks’ control of individual deposits.
In her paper, Omarova cited the “unacceptably high human cost of being ‘unbanked’ in the United States,” which has included delays in receiving COVID-19 relief checks from the government, excessive fees charged by nonbank firms, and exclusions from credit. As Omarova observed in her white paper on the subject, U.S. investment in clean energy has been “hovering around $56 billion annually,” or about one-tenth of what it should be for the U.S. to shoulder its part of the responsibility for fighting global warming.
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