In Defense of OCC Nominee Saule Omarova

In Defense of OCC Nominee Saule Omarova
There are many types of financial innovation. Some (ATM withdrawals) are more trustworthy than others (subprime mortgage-backed bonds). Yet, too often, in fintech and crypto circles, technological stability is mistaken for financial stability. Companies demand we trust but not verify. The first corporations to use telephones and index cards, personal computers and spreadsheets, and electronic recording systems for finance also argued we should suspend skepticism of these products due to the new tech involved. They were all wrong to do so.Stability flows not only from technology but from law and regulation. When we scratch the surface of the loose mix…