Biden’s ‘radical’ bank regulator pick Saule Omarova withdraws nomination

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President Biden’s controversial pick to be comptroller of the currency Soule Omarova withdrew his nomination for office on Tuesday amid a row between Republicans and Democrats over his academic writings, which include advocating for an end to banking “as we know it”. “

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During her confirmation hearing at the Senate Banking Committee last month, lawmakers pointed to the Soviet-born and raised Omarova’s academic papers proposing a shift from consumer banking by moving Americans’ finances from private banks to the Federal Reserve. had gone.

“My concern with Professor Omarova is her long history of promoting ideas that she herself describes as ‘radical’,” Sen. Pat Tommy (R-Pa.) said during the hearing about the Cornell University law professor. said in.

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“I agree that they are fundamentalists. But I would also call them socialists.”

He defended his writings as part of a larger debate, arguing that this was not what he had planned to apply to the Treasury’s position.

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Omarova said in her letter bearing her name that it was “no longer valid” for her to continue the process.

“It was a great honor and a true privilege to be nominated by President Biden to head the Office of the Comptroller of the Currency, overseeing the US national banking system,” he wrote.

Omarova was considered a controversial choice by President Biden, and she lacked the support of many moderate Democrats.
Reuters/Tom Brenner

“I greatly value President Biden’s confidence in his abilities and remain firmly committed to the administration’s vision of a prosperous, inclusive and just future for my country. In the process, however, my presidential candidate is now It’s not fair to remain as that.”

While no Democrat spoke out openly against the nominee, centrist Democrats Sense. John Tester (Mont.), Kirsten Cinema (Ariz.) and Mark Warner (Va.) voiced the reservations behind the scenes, making their chances of confirmation very unlikely.

Sherrod Brown (D-Ohio) three Democratic members of the Senate Banking Committee told the panel’s chairman that they opposed Omarova’s nomination for the position, Axios told,

Sense. John Hickenlooper (D-Colo.) and Mark Kelly (D-Ariz.) also opposed his nomination, according to Axios. And even Biden’s Treasury Secretary Janet Yellen objected to the Wall Street Journal pick previously reported,

Omarova, who was born in Kazakhstan in the former Soviet Union and moved to the US in 1991 to pursue her PhD. at the University of Wisconsin, has also slammed the culture on Wall Street as “the quintessential a-hole industry” and praised the former Soviet Union’s lack of gender pay gap.

At a Senate confirmation hearing last week before the Senate Banking Committee, Republicans questioned Omarova and portrayed her as a radical socialist.

At one point during the hearing, Sen. John Kennedy (R-La) said, “I don’t know whether to call you a professor or a comrade.”

President Biden said Omarova was subject to "unreasonable personal attacks" after being nominated.
President Biden said Omarova was subject to “unreasonable personal attacks” after being nominated.
Reuters/Evelyn Hawkstein/File photo

“I am not a communist,” Omarova insisted. “I don’t subscribe to that ideology. I couldn’t choose where I was born.”

The professor condemned the communist regime of the USSR at the hearing, saying, “We can never repeat that communist system anywhere in the world.”

Other members of the committee strongly criticized Omarova, with Sen. Tim Scott (R-SC) stating that he “cannot think of a nominee who is fit to be the controller of a purely based currency. [her] Public positions, statements and weights [her] writing than [Omarova.],

In Tommy’s opening remarks, the ranking member of the committee accused Omarova of having a “long history of promoting ideas that she herself describes as “radical”. I agree that they are fundamentalists and can be objectively called socialists.

“She has a plan for the government, through the Fed, to replace the free market and set what she says, and I quote, ‘systematically critical prices,’ the end quote,” Tomy continued. said.

In her closing remarks, Tommy labeled Omarova’s policies and ideas as “in line with the socialist vision of a command and control economy”, adding that she was promoting “democratic ideas”.

Sen. Pat Tomei claimed that Omarova "has a long history of promoting ideas that she herself
Sen. Pat Tomei claimed that Omarova “has a long history of promoting ideas that she herself describes as ‘radical’.”
Photo by Jim Watson / AFP via Getty Images

“The idea that we will have a person with these views as the chief regulator of America’s national banks, which I just pictured, is very disturbing and scary,” he confirmed to his colleagues. urged not to support. ,

Biden targeted GOP lawmakers amid an argument for pushing back the nominee to target his upbringing, arguing that he had been “subject to unwarranted personal attacks” in his announcement that he said in the process. His request to remove himself was accepted.

“As a strong advocate for consumers and a staunch defender of the security and soundness of our financial system, Soule will have brought invaluable insight and perspective to our important work on behalf of the American people. But unfortunately, from the beginning of his nomination Also, Saul was subjected to unfair personal attacks that went far and wide. I am thankful to Chairman Brown for giving him a fair trial and the opportunity to demonstrate his merits,” Biden said.

“The Office of the Comptroller of the Currency is a key agency, overseeing and regulating the approximately 1,200 national banks in the federal banking system. I will continue to work to find a nominee for this position, and will make an announcement at a future date.” I’m planning.”

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