Saule Omarova, a law professor at Cornell University who graduated college in the USSR, has faced pushback over her nomination for comptroller of the currency. Business groups and Republicans have said that she is extreme and opposed to the business as a whole.
A video of her reviewing the idea of a National Investment Authority — a new government bureaucracy that would work directly in financial markets to allocate "both public and private capital" to fight social ills — has resurfaced in which she muses about oil and coal companies failing to fight climate change.
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"A lot of the smaller players in that industry are going to, probably, go bankrupt in short order — at least, we want them to go bankrupt if we want to tackle climate change," Omarova said as part of the Jain Family Institute's "Racial Wealth Seminar" series in March.
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"But that creates a lot of this sort of loss of jobs, a lot of displacement, and economic fallback that we cannot afford, really, so [the National Capital Management Corporation] could actually become a kind of equity investor at that point, taking over management of those companies and basically leading them through restructuring to a new technological basis and to a new technological business model, and in that sense, it's the same type of activity but a different context," she added.
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Sen. Ted Cruz slammed Omarova over Twitter after a video of her remarks about energy companies began spreading.
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"Biden's pick of Moscow State University's Saule Omarova for the Office of the Comptroller of the Currency is a grave threat to our economy," the Texas Republican said. "She wants to destroy energy independence, wants to nationalize consumer banks, & she has called to 'effectively end banking as we know it.'"
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Omarova has suffered blame for her theoretical proposals, including a recent paper she wrote called "The People's Ledger: How to Democratize Money and Finance the Economy," which offers a plan for "radically reshaping the basic architecture and dynamics of modern finance."
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She is also facing investigation for her time at Moscow State, which she attended on the Lenin Personal Academic Scholarship. Sen. Pat Toomey, the ranking Republican on the Banking Committee, asked that Omarova hand over a copy of the thesis she wrote there, titled Karl Marx's Economic Analysis and the Theory of Revolution in The Capital.
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Omarova has pushed back on her critics and said she was "anti-communist" while attending school in the Soviet Union. She said that criticism of her nomination derives from her gender and Kazakh heritage.
In a recent interview with the Wall Street Journal, Omarova said there is an "unfortunate misunderstanding of my position with respect to community banks."
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