State Treasurer Dennis Milligan Opposes U.S. Comptroller Nominee Omarova

State financial officers urge withdrawal of nomination

Nov. 12, 2021 (Little Rock, Ark.) – Treasurer of State Dennis Milligan joined with 21 state financial officers to sign on to a letter to President Biden opposing the nomination of Saule Omarova for U.S. Comptroller of the Currency.

“Ms. Omarova’s own words indicate her intention to do away with ‘banking as we know it’ and instead count on the Federal Reserve to ‘fully replace’ private bank deposits,” Milligan said. “Her radical view of banking gives me great pause and causes me grave concern that, if implemented, such changes would create a disastrous disruption in our economy.”

Milligan is past board chairman of the State Financial Officers Foundation (SFOF), a nonprofit that promotes fiscal responsibility. The Foundation issued a letter today signed by 21 state financial officers calling for the withdrawal of Omarova’s nomination.

The letter reads in part: “SFOF state leaders are opposed to Ms. Omarova because of her radical views and have a deep concern that she would abuse her supervisory power as Comptroller to expand political control over the private banking sector, disrupting the economy…. As Treasurers and Auditors, we join with many others and urge you to consider the negative impacts this nominee would have on America’s financial institutions and withdraw Ms. Omarova’s nomination immediately.”

To read a full copy of the letter issued to President Biden [Click here].

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Dennis Milligan was elected Treasurer of State in 2014 and re-elected in 2018. The State Treasury is responsible for overseeing the state’s $5 billion portfolio. Since taking office in 2015, Milligan has receipted the state more than $420 million in investment returns and has grown the investment portfolio’s receipts to record highs. www.artreasury.gov.