Biden’s pick for bank regulator faces rocky Senate hearing over unorthodox research ideas

Saule Omarova, President Joe Biden’s pick to be comptroller of the currency — head of one of the nation’s top bank regulators — is expected to face a tough round of questioning Thursday from senators concerned by her academic research, which explores fundamental changes to the financial industry.

Republicans and at least one Democrat on the Senate banking committee are all but certain to grill the Cornell University law professor over unconventional ideas she’s advocated, including magnifying the power of the Federal Reserve to include consumer banking and sweeping checks to the power of banks such as JPMorgan Chase and Wells Fargo.