Is Biden’s Soviet-born bank regulator pick sunk? Five moderate Democrats say they will vote AGAINST Saule Omarova’s nomination after she was forced to deny she was a communist 

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  • John Tester (D-Mont.) Mark Warner (D-Va.) and Kirsten Cinema (D-Ariz.) reportedly said on Wednesday that they could not support Soule Omarova.
  • They were joined in opposition by John Hickenlooper (D-Colo.) and Mark Kelly (D-Ariz.).
  • Omarova has attracted intense criticism since Biden nominated
  • Republicans Have Focused on Her Childhood in Soviet Kazakhstan
  • But he has also been criticized for his outspoken attacks on Wall Street.
  • The White House said on Wednesday it was sticking to his nomination

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Five moderate Democratic senators have reportedly said they will not support President Biden’s communist-born pick for bank regulator, ruining Soule Omarova’s nomination.

A tense Senate hearing last week put more pressure on a nominee whose childhood in Soviet Kazakhstan has been under scrutiny ever since the Cornell law professor was tapped to be the currency’s controller.

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Under questioning by Republicans she was forced to deny that she was a communist.

In a phone call Wednesday, three members of the Senate Banking Committee — John Tester (D-Mont.) Mark Warner (D-Va.) and Kirsten Cinema (D-Ariz.) — told the panel’s chairman, Sen. Sherrod Brown ( D-Ohio) as per their opposition axios,

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They are reportedly Sens. Joined by John Hickenlooper (D-Colo.) and Mark Kelly (D-Ariz.).

A White House official said the administration was sticking to its choice.

“Soule Omarova is particularly qualified for the position,” the official said.

‘He’s been treated unfairly since his nomination, like it’s the McCarthy era.’

President Biden’s choice as bank regulator came after it emerged that five Democrats on the Senate Banking Committee said they would Saulé Omarova.

Soule Omarova (Parikrama) in school number 21 where she studied in the city of Uralsk (now Oral) in Soviet Kazakhstan.  Republicans have repeatedly tried to suggest that he is a communist.

Soule Omarova (Parikrama) in school number 21 where she studied in the city of Uralsk (now Oral) in Soviet Kazakhstan. Republicans have repeatedly tried to suggest that he is a communist.

An exclusive new photo shows Omarova as a proud 'young pioneer' – the communist youth mass movement – ​​at her Soviet school number 21 in Uralsk, now Oral, Kazakhstan.  She is wearing the movement's red scarf in a picture from 1979-80

An exclusive new photo shows Omarova as a proud ‘young pioneer’ – the communist youth mass movement – ​​at her Soviet school number 21 in Uralsk, now Oral, Kazakhstan. She is wearing the movement’s red scarf in a picture from 1979-80

Republicans have focused on his childhood, but his outspoken criticism of Wall Street institutions has clearly alienated even centrist Democrats.

That bizarre moment was dominated by her appearance before the Senate Banking Committee last week when Republican Sen. John Kennedy demanded to know whether Omarova had ever resigned from the communist group, calling her a young girl. was forced to join.

“I don’t mean this with any disrespect, but I don’t know whether to call you a professor or a comrade,” he told a designated nominee.

‘I am not a communist,’ he replied. ‘I do not subscribe to that ideology. I could not choose where I was born.’

This set the tone for the poor-tempered hearing and revealed that Omarova would have a hard time securing confirmation.

He was erected as the head of the Office of the Comptroller of the Currency (OCC), which controls assets held by more than 1,000 banks.

This is an important but often ambiguous condition. This time, however, the nominee’s background and his public status have triggered heated exchanges.

Progressive Democrats see a regulator that will bring a tougher approach to policing banks after years of soft-touch supervision.

But Republican critics see him as a fanatic who wants to nationalize banking.

He has focused on his early life in Kazakhstan, when he was part of the Soviet Union before immigrating to the US in 1991.

joyful.  Kirsten Cinema

san john tester

Sen. Mark Warner

Three Democratic Senators Reportedly Told Senate Banking Committee Sherrod Brown They Couldn’t Support Omarova – (LR) Kirsten Cinemas, John Tester and Mark Warner

A copy of the register from Omarova's school states that she was a member of the Komsomol or 'Young Communist' in the USSR.

A copy of the register from Omarova’s school states that she was a member of the Komsomol or ‘Young Communist’ in the USSR.

He has sought to see his college thesis on Karl Marx and suggested that he “not dismiss his ideas of the Soviet era,” as the Wall Street Journal’s editorial board recently put it.

But she has raised eyebrows with her recent contribution to the discussion about regulation.

He has advocated for transferring Americans’ financial accounts from private banks to the Federal Reserve and forcing banks to lose leverage on federal subsidies by becoming ‘non-depository lenders’.

This will reduce the stature of the institutions she is supposed to regulate.

By separating their lending function from their monetary function, the proposed reform would effectively “end banking”, Omarova wrote in an updated paper titled ‘The People’s Ledger’ in February of this year, as we do. know.

He summed it up more in the 2019 documentary film A**holes: A Theory. Omarova called Wall Street’s hedge fund-dominated culture “the quintessential a**hole industry.”

And recently a video surfaced of her saying that she wants oil and gas companies to go ‘bankrupt’.

‘We wish they would go bankrupt if we wanted to tackle climate change, right?’ Soviet-born Omarova said A clip that was shared online by the conservative-leaning American Accountability Foundation.

During the hearing, Senate Banking Committee ranking member Pat Tomei accused him of wanting to end America’s free market system.

“I’m sure Americans can’t wait until the Fed starts directly controlling the prices of eggs and milk and fares,” he said.

‘And this isn’t the only time Professor Omarova has expressed support for government control over wages, as she tweeted in 2019 … the pay gap. The market doesn’t always know best.”

But he had clear support from progressives such as Sen. Elizabeth Warren, who accused Republicans of launching a “vicious smear campaign” designed to prevent confirmation of anyone taking the big banks.

He said, ‘It’s disgusting. ‘And whoever is involved in this malicious character assassination should be ashamed of themselves.’

In a quick round of questions he gave Omarova a chance to deny the allegations against her.

‘Now there is a claim that you want to nationalize the banking system,’ Warren said. ‘So let’s get this crap out of the way. Whether OCC has the power to abolish private banking and remove all consumer deposits in a public ledger?’

Omarova replied: ‘Not at all.’

Warren continued: ‘If the OCC had that power, would you support it?’

‘off course not.’

‘And are you a capitalist who believes in free markets?

‘Yes I am,’ said Omarova.

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