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IPFS News Link • Central Banks/Banking

Meet the Biden Nominee Who's Sympathetic to Soviet-Era Socialism--

• by Brad Polumbo

Many of President Biden's nominees have been quietly confirmed without much of a fight. But the president's nominee for Comptroller of the Currency, Saule Omarova, is drawing backlash for her extreme economic views. Republican Senator Pat Toomey, a staunch fiscal conservative, said he has "[n]ever seen a more radical choice for any regulatory spot in our federal government." 

What's prompting the unusual level of pushback on this nomination for a top regulatory position?

Well, Omarova has an unusual educational and ideological background that, in conjunction with her many public statements, suggests she is sympathetic to—if not outright supportive of—the state-run economic model that dominated the former Soviet Union where she grew up. Omarova attended Moscow State University on the "VI Lenin Personal Academic Scholarship," authoring a thesis on Marxist thought that she has so far declined to provide to the Senate Banking Committee.