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US President Joe Biden plans to nominate Cornell University banking law professor Saule Omarova as head of the Office of the Comptroller of the Currency (OCC), the main regulator of the US banking sector, The Wall Street Journal reports, citing knowledgeable sources. Officially, the candidacy of Saule Omarova, a native of Kazakhstan, may be presented as early as this week, sources say, Interfax-Kazakhstan writes.

If approved in this post, Saule Omarova will become the first woman to head the OCC, founded in 1863.

The OCC, an independent division of the US Treasury Department, oversees approximately 1,200 banks with combined assets of $ 14 trillion, roughly two-thirds of the nation’s banking system assets. Thus, the OCC is one of the most influential American financial regulators, along with the Federal Reserve System (FRS) and the Federal Deposit Insurance Corporation (FDIC).

The head of the OCC serves on the FDIC board of directors and the Financial Stability Oversight Board, which is responsible for identifying risks to the financial system.