Welcome, Comrade! Biden’s Soviet-born nominee for Comptroller of the Currency thinks Fed should ‘end banking’
She admires USSR’s economy because there was ‘no gender pay gap’ and says hedge funds are an ‘a**hole industry’
By Elizabeth Elkind, Politics Reporter For Dailymail.Com 30 Sep 2021
- Saule Omarova is a Cornell Law School professor who graduated from college in Moscow, where she attended on a scholarship named after Vladimir Lenin
- She wrote a paper advocating for the Federal Reserve to take over Americans’ personal banking in order to have more policy clout against big banks
- The agency she would oversee is tasked with regulating the country’s banks
- Republicans and bank lobbyists already oppose her nomination to lead OCC
- A regulatory body Omarova proposed is included in a House bill introduced by progressive Rep. Maxine Waters aimed at expanding affordable housing
- She previously worked in the White House within George W. Bush’s Treasury
+9Cornell University Law Professor Saule Omarova has been tapped to lead the agency responsible for regulating big banks
A Cornell University law professor who advocated ending banking ‘as we know it’ and praised the Soviet Union’s financial system over its lack of a gender pay gap has been tapped by the White House to lead the Office of the Comptroller of the Currency (OCC).
Saule Omarova’s nomination to head the regulatory agency overseeing the country’s largest banks is a controversial choice that’s alarmed banking groups.
She’s advocated for moving Americans’ financial accounts from private banks to the Federal Reserveand for forcing banks to lose leverage on federal subsidies by becoming ‘non-depository lenders.’
It would diminish the stature of the institutions she’s supposed to regulate.
‘By separating their lending function from their monetary function, the proposed reform will effectively “end banking,” as we know it,’ Omarova wrote in a paper updated in February of this year titled ‘The People’s Ledger.’
She summed it up more concisely in a 2019 documentary film titled ‘A**holes: A Theory.’ Omarova called Wall Street’s hedge fund-dominated culture a ‘quintessential a**hole industry.’
Heading the OCC, however, Omarova wouldn’t have any power over the Fed.
If approved Omarova would be the first woman and first nonwhite person to lead the agency in its 158-year history.
Operating as an independent agency within the US Treasury, the 3,500-person office sets bank policies dealing with more traditional merges and acquisitions and the expanding digital trade.
Omarova graduated from Moscow State University in 1989 on a scholarship named after Soviet leader Vladimir Lenin. After moving to the US in 1991, Omarova got a Ph.D. from the University of Wisconsin and her law degree from Northwestern University.
Born in Kazakhstan in the former Soviet Union, the law professor previously praised the communist country’s economy as something the US should aspire to.
‘Until I came to the US, I couldn’t imagine that things like gender pay gap still existed in today’s world. Say what you will about old USSR, there was no gender pay gap there. Market doesn’t always ‘know best,’’ Omarova posted on Twitter in 2019.
After being maligned online she appeared to backpedal but continued to praise Soviet society.
‘I never claimed women and men were treated absolutely equally in every facet of Soviet life. But people’s salaries were set (by the state) in a gender-blind manner. And all women got very generous maternity benefits. Both things are still a pipe dream in our society!’ she wrote.
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