Omarova has praised the USSR in the past
President Biden’s choice for controller of the currency has drawn sharp criticism for past and recent comments praising the Soviet economy.
Biden on 23 september Nominated Saul Omarova, a law school professor at Cornell University, to the office responsible for the regulation and supervision of all national banks. Omarova’s nomination drew immediate backlash from powerful voices, who criticized her background and past comments that hinted in favor of the policies of the USSR.
Omarova was born in the Soviet Union now called Kazakhstan and graduated from Moscow State University in 1989. She has pointed to the practices of the USSR as recently as 2019, when she tweeted about the gender pay gap, citing the USSR as a better model.
“Until I came to America, I couldn’t imagine things like the gender pay gap still exist in the world today,” Omarova wrote. “Say what you will about the old USSR, there was no gender pay gap. The market doesn’t always ‘know best.'”
Some officials were quick to issue criticism and urged Biden to reconsider the nomination.
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“I have serious objections to his nomination,” said U.S. Senate Banking Committee ranking member Pat Tomei, R-Pa., wrote. “Ms Omarova has called for ‘fundamentally reshaping the basic architecture and dynamics of modern finance,’ including nationalizing retail banking and allocating credit to the Federal Reserve.”
“It has also advocated for an effective end to banking as we know it,” Tommy said.
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The US Chamber of Commerce also wrote a letter opposing Omarova’s nomination, pointing to the 2020 comments that she intended to reshape “the basic architecture and dynamics of modern finance”.
“The Chamber generally believes that the President deserves some degree of respect for his nominees,” wrote Neil Bradley, executive vice president of the US Chamber of Commerce. “This honor assumes that nominees are inclined to the faithful execution of the law, not the pursuit of a radical policy agenda that is inconsistent with the obligations of the position of trust they are being nominated to hold.”
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“We believe that anyone who wishes to ‘effectively ‘end banking’ as we know it, should not act as the primary regulator of this industry,” Bradley emphasized.
Omarova’s comment that the government should “effectively ‘end banking’ as we know it” comes from a recent paper called “people account,” which Republicans and industry experts point to as prime evidence for Omarova’s disqualification.
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“As controller, Ms. Omarova will oversee some 1,200 financial institutions,” wall street journal The editorial board wrote in an op-ed. “While she could not implement her People’s Agenda without legislation, she would have broad powers to punish banks that do not comply with her instructions.
“Ms. Omarova is the wrong nominee for the wrong industry in the wrong century in the wrong country.”