Omarova is already facing opposition from the financial services industry over her proposal to "end banking as we know it." A proponent of stricter bank regulations, Omarova has proposed a banking system that relies on individuals, rather than banks, to hold bank accounts with the Federal Reserve. Omarova teaches at Cornell School of Law and worked in the Bush administration's Treasury Department. She later obtained a doctorate from the University of Wisconsin and a law degree from Northwestern University. She has also called for the creation of a massive government bureaucracy that she calls the National Investment Authority. Modeled on...
