Defend Truth

International Finance

White House Lashes Out at Critics of OCC Nominee Omarova

Saule Omarova

The Biden administration on Wednesday night fiercely defended the nomination of Saule Omarova as a top banking regulator after it was reported that five Democratic senators told the White House they wouldn’t support her. 

A White House official said the attacks on Omarova, a Cornell law professor who has been sharply critical of big banks and cryptocurrencies, were so unfair that they smacked of the red-baiting smears leveled by Senator Joe McCarthy in the 1950s.The official, who was granted anonymity to discuss the matter, added the adamant opposition from banks and Republican lawmakers was generated by fear of scrutiny, not evidence that Omarova was unqualified to run the Office of the Comptroller of the Currency.The official, however, did not address an article by Axios earlier Wednesday that five Democratic senators had said they would not vote for her. The offices of two of the senators, Jon Tester of Montana and John Warner of Virginia declined to comment on the article. The other senators mentioned in the article were Kyrsten Sinema, and Mark Kelly of Arizona and John Hickenlooper of Colorado.

In the evenly divided Senate, their votes are essential to Omarova’s confirmation.

The OCC, a branch of the U.S. Treasury, polices banks chartered by National Bank Act and other financial institutions.

Republicans have made an issue of Omarova, a Kazakhstan native, having grown up in Soviet times, as well as her academic papers advocating a fundamental overhaul of the financial system and her remarks about letting smaller energy companies go bankrupt as the economy turns to a greener future.

According to her biography on the Cornell Law School website, Omarova received an undergraduate degree at Moscow State University before getting a Ph.D. at the University of Wisconsin and a law degree at Northwestern.

Biden’s Banking Watchdog Pick Gets Mired in Political Spectacle

Before joining the Cornell faculty, she worked at the Treasury during the George W. Bush administration and at Davis Polk, & Wardwell in New York.

In October, Senator Pat Toomey of Pennsylvania, the top Republican on the Banking Committee, pointed out that her college scholarship was named for Lenin. He took to the floor to demand a copy “in the original Russian” of a paper that focused on Marxism.

Earlier this week, he told Bloomberg Television she was unacceptable because of her previous support for policies that he labeled “socialist.”

Omarova has described herself as a “free-market idealist.”

“I know that Soviet-style communism doesn’t work,” she said. “I’ve lived through it. That system was deeply flawed. It’s dead.”

Gallery

Comments - Please in order to comment.

Please peer review 3 community comments before your comment can be posted

X

This article is free to read.

Sign up for free or sign in to continue reading.

Unlike our competitors, we don’t force you to pay to read the news but we do need your email address to make your experience better.


Nearly there! Create a password to finish signing up with us:

Please enter your password or get a sign in link if you’ve forgotten

Open Sesame! Thanks for signing up.

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options

Premier Debate: Gauten Edition Banner

Join the Gauteng Premier Debate.

On 9 May 2024, The Forum in Bryanston will transform into a battleground for visions, solutions and, dare we say, some spicy debates as we launch the inaugural Daily Maverick Debates series.

We’re talking about the top premier candidates from Gauteng debating as they battle it out for your attention and, ultimately, your vote.

Daily Maverick Elections Toolbox

Feeling powerless in politics?

Equip yourself with the tools you need for an informed decision this election. Get the Elections Toolbox with shareable party manifesto guide.