(TruthandLiberty.com) – Once again, President Joe Biden nominated a controversial candidate with a questionable background. Except this time, it’s someone educated in the former communist United Soviet Socialist Republic (USSR). Saule Omarova is the president’s nominee to head the Comptroller of the Currency, an independent bureau existing within the Department of Treasury. The Office of the Comptroller of Currency (OCC) regulates banks and federal savings associations under the National Bank Act and the Home Owners Loan Act.
Omarova was born in Kazakhstan and attended Moscow State University, majoring in philosophy before the fall of the communist regime. According to the top-ranking Republican on the Banking Committee, Sen. Pat Toomey (R-PA), the committee needs to know all it can about her thesis titled, “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital.” Omarova has made some questionable past statements, including one where she advocated for dramatic overhauls in the US banking system. She is currently a professor at Cornell University.
What Was Biden Thinking?
In 2020, Joe Biden ran as a Moderate candidate. He claimed he defeated the Socialists and was a Centrist by any definition of the word, even though many of his nominees were either Leftist or highly controversial. In this case, the potential head of bank regulators may not believe in America’s capitalism or banking structure.
On Tuesday, October 5, Toomey forwarded to Omarova a letter requesting a copy of her thesis. The highly influential Senator alleged the professor removed any reference to her thesis in her current curriculum vitae (CV), an academic resume formatting standard. It appears the Senator wants to know why Omarova’s paper was in her 2017 CV but is absent now.
The thesis isn’t the OCC nominee’s only problem. In a recent paper titled “The People’s Ledger: How to Democratize Money and Finance the Economy,” Omarova offered a path to “radically” change the entire structure of the finance system. The professor argues the financial system as a whole should fall under the control of the unelected, unaccountable Federal Reserve. She said the Fed’s balance sheet could finance the nation’s credit and manage the money in the national economy. The plan would erode the separation of powers. Instead of Congress managing the purse strings as prescribed by the US Constitution, Omarova suggests a dictatorial entity manage the nation’s finances.
In addition, Omarava’s tweets are drawing scrutiny. On March 31, 2019, she tweeted that one can say what they like about the former USSR, but at least the failed communist country didn’t have a gender pay gap.
Toomey said Omarava may be the most radical person ever nominated to head a regulatory agency in America. According to Capital Alpha Partners, an independent political research firm, there’s only a 35% chance the Senate will confirm the controversial nominee.
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