Biden’s choice for bank regulator spurs climate debate

Biden’s choice for bank regulator spurs climate debate

October 4, 2021, E&E News

Karen Solomon spoke with E&E News about President Biden’s recent nomination of Saule Omarova to lead the Office of the Comptroller of the Currency. Karen, a former OCC senior official, described the agency, saying, “The OCC has the slice of the industry that comprises national banks and federal savings associations that have their charters — their license to operate — granted by the federal government.”

Karen suggested there is a growing domestic and global focus on the issue of climate-related financial regulation, including within the OCC. She said, “On the climate issue, it seems to me that whether Acting Comptroller Hsu remains in place or Professor Omarova is confirmed, OCC leadership would want to further a climate change policy as articulated by the [Biden] administration.”

On the subject of President Biden’s recent nomination, Solomon emphasized, “who is in what chair matters a great deal.”