The opposition from both Republicans and, now, some of Biden’s own party could destroy the nomination of the Soviet-born academic to the critically relevant post, according to Axios.
In a Wednesday phone call, Sens. Jon Tester (D-Mont.), Mark Warner (D-Va.) and Kyrsten Sinema (D-Ariz.), all members of the Senate Banking Committee, explained to Sen. Sherrod Brown (D-Ohio), the panel’s chairman, said that they would face Omarova’s nomination to the post, Axios reported.
According to Axios, Sens. John Hickenlooper (D-Colo.) and Mark Kelly (D-Ariz.) further fight her nomination. Biden’s Treasury secretary Janet Yellen has further opposed the pick, the Wall Street Journal previously reported.
Omarova, a Cornell University law professor, has courted debate with eyebrow-raising academic writings on regulation, which include recently supporting the end of banking “as we know it” by transferring Americans’ finances from private banks to the Federal Reserve.
Omarova, who was born in Kazakhstan in the former Soviet Union and moved to the US in 1991 to pursue her Ph.D. at the University of Wisconsin, has further denounced the culture on Wall Street as a “quintessential a–hole industry” and endorsed the former Soviet Union’s lack of a gender pay gap.
In a Senate confirmation hearing held last week before the Senate Banking Committee, Republicans grilled Omarova and portrayed her as a radical socialist.
“I don’t know whether to call you professor or comrade,” Sen. John Kennedy (R-La.) snarked at one point throughout the hearing.
“I’m not a communist,” Omarova stated. “I do not subscribe to that ideology. I could not choose where I was born.”
The professor criticized the communist regime of the USSR in the hearing, stating, “We can never have a repetition of that communist system anywhere in the world.”
Other members of the committee presented extreme critiques of Omarova, with Sen. Tim Scott (R-SC) explaining he could not “think of a nominee more poorly suited to be the comptroller of the currency based solely on [her] public positions, statements and the weight of [her] writings than [Omarova.]”
In his opening statements, committee ranking member Pat Toomey (R-Pa.) blamed Omarova for a “long history of promoting ideas that she herself describes as ‘radical.’ I agree that they’re radical and they can fairly be described also as socialist.
“She has a plan for the government, through the Fed, to replace the free market and set what she calls, and I quote, ‘systemically important prices,’ end quote,” Toomey continued.