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The fight against President Joe Biden's choice to oversee a prominent bank regulator is heating up. With a key Republican senator Pat Toomey, criticizing the economic theory thesis the OCC nominee had authored on Karl Marx back in 1989 while studying at Moscow State University.
Republican Senator Criticized OCC Nominee's Marxist Economic Theory Thesis and Academic Background
On September 29, the Biden administration publicly selected Kazakh-born attorney Saule Omarova, who is described by opponents as anti-bank and anti-crypto, to lead the financial regulator.
Toomey feels the theory, in hazy shades of McCarthyism, might demonstrate that Omarova sympathizes with Marxist beliefs.
While Omarova has resided in the United States since 1991 and formerly worked as an advisor to George W. Bush, she previously attended Moscow State University on The Lenin Personal Academic Scholarship in 1988 and 1989.
Toomey claimed in an open letter to Omarova published on Tuesday that she had removed a reference to her thesis "Karl Marx's Economic Analysis and the Theory of Revolution in The Capital" from her current resume with Cornell Law School, although the paper was featured on her resume in April 2017.
According to Omarova's preserved CV, the paper was completed as part of her graduation with honors in philosophy.
Toomey claims he is asking the paper so that the Senate Banking, Housing, and Urban Affairs Committee may "completely examine the fitness of people to serve in Senate-confirmed executive and independent agency posts."
He stated that committee staff had requested the document from Omarova in September, but "we have not gotten any guarantees that the Committee will obtain a copy of the paper on time."
The Biden Administration Has Made Headlines Over Omarova's Nomination
The Biden administration has been chastised over Omarova's nomination, with critics referring to her 2020 remarks encouraging legislators to "essentially abolish banking as we know it." Omarova has also described cryptocurrencies as a symptom of the current "dysfunctional financial system."
Toomey described Omarova before the committee on Tuesday as an extreme "radical" whose recent policy recommendations have included state-directed pricing for salaries and products, nationalization of the retail banking business, and a general "aversion to anything resembling free-market capitalism." He went on:
“In 2019, she tweeted, ‘say what you will about the old USSR, there was no gender pay gap there. The market doesn’t always know best’ [...] Ms. Omarova knows her views are far outside of the mainstream.”
Senator Ted Cruz also criticized Omarova for the possible threat she may represent to cryptocurrency, writing, "Not only is Saule Omarova, Biden's nominee to run the OCC, a concern to our conventional economy, she also wants to regulate crypto into oblivion.
Government laws will shape the future of cryptocurrency. This nomination must be withdrawn.