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Biden's pick for bank regulator slammed for past pro-communism comments

"Say what you will about old USSR, there was no gender pay gap there. Market doesn't always 'know best,'" Omarova wrote.

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Hannah Nightingale Washington DC
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After President Joe Biden announced that Saule Omarova was his pick for Comptroller of the Currency, the Cornell University law professor's nomination has received pushback over her voiced support of Soviet Union policies.

According to Fox News, Omarova was born in Kazakhstan, an area previously under Soviet control. She graduated from Moscow State University in 1999.

Omarova, in comments as recent as 2019, has voiced support for USSR practices and policies. "Until I came to the US, I couldn't imagine that things like gender pay gap still existed in today's world," Omarova wrote. "Say what you will about old USSR, there was no gender pay gap there. Market doesn't always 'know best.'"

Following Biden's announcement on Sept. 23 regarding Omarova's nomination, some officials issued criticisms against her stances. "Ms. Omarova has called for 'radically reshaping the basic architecture and dynamics of modern finance' including nationalizing retail banking and having the Federal Reserve allocate credit," Senate Banking Committee ranking member Pat Toomey said the day following Omarova's nomination.

"She has also advocated for 'effectively end[ing] banking as we know it.' In light of these, and other extreme leftist ideas, I have serious reservations about her nomination," Toomey continued.

On Sept.28, the Chamber of Commerce issued a letter "strongly opposing" Omarova's nomination. "The US Chamber of Commerce strongly opposes the nomination of Cornell Law School professor Saul Omarova to serve as Comptroller of the Currency. Her pursuit of policy proposals expressed in her academic writings are outside the mainstream of either major political party and, if implemented, would lead to a near complete government takeover of banking," Neil Bradley, executive vice president of the Chamber of Commerce wrote.

"We believe someone who holds the expressed desire to 'effectively 'end banking' as we know it' should not serve as the primary regulator of this industry," Bradley stressed.

In a paper titled The People's Ledger, Omarova advocated for 'end[ing] banking,' as we know it." According to Fox News, Republicans and industry experts have pointed as key evidence to disqualify Omarova from the position.

Omarova is not the only Biden nominee to raise concerns since his presidency began. In September, Biden's nomination to direct of the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), nominee David Chipman, was pulled after poor reception. The withdrawal came as the nomination failed to get enough Democratic support in Congress to confirm Chipman to the position.

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