Members of both the House and Senate Banking committees criticized President Joe Biden's nominee to head work of the Comptroller from the Currency, Saule Omarova, after she withdrew her nomination.
House and Senate ranking member Republicans highlighted Omarova's \”radical\” ideology regarding the American financial system after it became obvious that her nomination would not make it through the Senate.
\”During the confirmation process, a bipartisan consensus emerged that professor Omarova's self-proclaimed radical ideas for America's financial system were not ideal for our nation's top banking regulator,\” Sen. Pat Toomey, ranking person in the Senate Banking Committee, told the Daily Caller News Foundation.
\”I hope the Biden administration will pick a nominee with mainstream views about the American economy,\” Toomey said.
Omarova was created within the Soviet Union, where she attended Moscow State University and wrote a thesis titled \”Karl Marx's Economic Analysis and The Theory of Revolution in the Capital.\” Toomey asked Omarova to turn within the thesis towards the Senate Banking Committee, which she never did.
The 55-year-old Cornell law professor garnered criticism throughout the nomination process, with many Republicans slamming her for alleged Marxist ties and calling her a \”communist.\”
Regarding banking policies, Omarova previously called to \”'end banking' as we know it\” by arguing for a system where private accounts are substituted with accounts run by the Federal Reserve.
Omarova advocated for policies to permit \”helicopter drops\” of cash into accounts to improve welfare redistribution and permit the us government to manage price control and rates of interest.
\”Professor Omarova was the incorrect option for the job. Her radical ideas and aspirations to 'end banking' as you may know it concerned lawmakers on sides of the aisle,\” Rep. Patrick McHenry, ranking person in the House Financial Services Committee, told the Daily Caller News Foundation.
\”I hope President Biden has learned out of this mistake and can nominate somebody that prioritizes the core mission of the OCC – supervising and managing risk within our financial system,\” McHenry said.
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Omarova also praised the now-defunct Soviet Union because of its lack of a \”gender pay gap\” in 2022, and she was quoted in a Canadian documentary calling the financial services sector \”the quintessential a**hole industry.\”
In a book titled The Seven Sins of Wall Street: Big Banks, Their Washington Lackeys, and the Next Financial Crisis, Omarova praised Marxism, saying just how much it changed her worldview.
Meanwhile, at least five Democratic senators reportedly stated their opposition to Omarova's confirmation. Sens. Jon Tester of Montana, Mark Warner of Virginia, Kyrsten Sinema of Arizona, Jon Hickenlooper of Colorado, and Mark Kelly of Arizona reportedly told Sen. Sherrod Brown, D-Ohio, they wouldn't support Biden's nominee.
Biden continued to support his nominee despite reports of the five Democratic senators' disapproval, which may have made it impossible to confirm Omarova.
\”The White House is constantly on the strongly support her historic nomination,\” a White House official told Axios on Nov. 24.
\”Saule Omarova is eminently qualified with this position,\” the state added. \”She continues to be treated unfairly since her nomination with unacceptable red-baiting from Republicans like it's the McCarthy Era.\”