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President Biden’s pick to lead a top bank regulator withdrew her nomination Tuesday after blistering attacks from Republicans and concerns among moderate Democrats. Saule Omarova, who Biden nominated to lead the Office of the Comptroller of the Currency (OCC), pulled herself from consideration in a letter Biden released Tuesday, calling her nomination “untenable.” “As a strong advocate for consumers and a staunch defender of the safety and soundness of our financial system, Saule would have brought invaluable insight and perspective to our important work on behalf of the American people,” Biden said in a statement.

Five Democratic senators have told the White House they won't support Saule Omarova to head the Office of the Comptroller of the Currency, effectively killing her nomination for the powerful bank-regulator position.Why it matters: The defiant opposition from a broad coalition of senators reflects the real policy concerns they had with Omarova, a Cornell University law professor who's attracted controversy for her academic writings about hemming in big banks.Their opposition also hints at a willingness of some Democratic senators to buck the White House on an important nomination, even if it hands Republicans a political — and symbolic — victory.Republicans...

A hearing for the Senate Banking Committee went off the rails when Sen. John Kennedy (R-LA) sparred with Chairman Sherrod Brown (D-OH) over the insinuation that Saule Omarova is a communist... ...As the hearing got underway, Republicans accused Omarova of backing “radical” and “socialist” economic ideas, while Brown derided this line of thinking as “Trumpism meets McCarthyism.” When Kennedy got his turn to ask questions, he immediately focused on Omarova’s involvement in a communist youth group... ..From there, Kennedy ran through a number of written works and economic opinions Omarova expressed over the years. ... [video at link]

President Joe Biden’s choice to be comptroller of the currency at the Treasury Department, Saule Omarova, apparently joined a Facebook group in 2019 called “Marxist Analysis and Policy.” Fox News reported that in late October, the American Accountability Foundation uncovered a post from 2019 in which a member of the Marxist page posted, “Let’s welcome our newest members: Saule Omarova.” The post connects to a Facebook account that appears to have a profile picture of the Biden nominee. The profile picture has 85 public likes and 14 public comments, which are apparently from people close to Omarova, including a University...

President Biden's nominee to lead a branch of the Treasury Department was arrested in 1995 for "retail theft." Fox News obtained a Wisconsin Department of Justice criminal background check of Saule Omarova, the president’s nominee to lead the Office of the Comptroller of the Currency (OCC). According to the background check, Omarova was arrested by Madison, Wisconsin, police officers on June 2, 1995 and charged with a misdemeanor count of "retail theft."

Republicans attacked President Biden's controversial pick for banks regulator Saule Omarova at her nomination hearing on Thursday, accusing her of planning to nationalize the U.S. banking system with her 'socialist manifesto.' The Cornell University law professor, who grew up as a Young Communist and wrote a thesis on Karl Marx at Moscow State University, denied being a communist and walked back her claims she wants to bankrupt oil and gas companies to help climate change. 'I've never seen a more radical nominee to be a federal regulator,' said Senate Banking Committee Ranking Member Pat Toomey during his opening statement

WASHINGTON — President Joe Biden’s choice to run one of the agencies charged with overseeing the banking industry faced sharp questioning Thursday from Republican senators, who tried to label Saule Omarova as someone who would nationalize the U.S. banking system. Omarova, 55, was nominated in September to be the nation’s next comptroller of the currency. If confirmed, she would be the first woman and person of color to run the 158-year-old agency. Omarova is a long-time academic and well-regarded expert on financial regulation, but many Republicans and the banking industry have taken issue with several papers published during her career...

A police report from 1995 reveals new striking details about President Biden’s nominee to be comptroller of the currency's "retail theft" arrest.(snip) Omarova, who was 28 years old at the time, was arrested in 1995 for "retail theft" from a T.J. Maxx store in Madison, Wisconsin. The police report, filed by a T.J. Maxx security agent, says she stole $214 worth of merchandise before being caught. The report says that she stole four pairs of shoes, two bottles of cologne, two belts and socks from the store when she was apprehended. The T.J. Maxx security agent on duty told police...

President Joe Biden's nominee to oversee the to lead the Office of the Comptroller of the Currency was arrested for stealing in 1995, it was revealed on Wednesday. Since the White House announced it was tapping Cornell University professor Saule Omarova, 55, to lead the agency overseeing the country's largest banks, revelations about the Soviet-born academic's radical views have surfaced. They've also created an uphill battle to her first hearing before the Senate Banking Committee on Thursday. According to the latest report, Omarova was arrested in Madison, Wisconsin on a 'retail theft' charge.

Saule Omarova, President Joe Biden’s nominee for the Office of the Comptroller of the Currency (OCC), called during a March 2021 virtual conference to eliminate all private bank accounts and deposits. Omarova discussed one of her papers, “The People’s Ledger How to Democratize Money and Finance the Economy,” which would help “redesign” the financial system and make the economy “more equitable for everyone.” She said it would change the “private-public power balance” and democratize finance to a more systemic level. During her conference speech, she said, “There will be no more private bank accounts, and all of the deposit accounts...

Proposal by Biden’s Treasury nominee Saule Omarova during a Zoom call. "There will be no more private bank deposit accounts and all of the deposit accounts will be held directly at the fed" https://vidmax.com/video/208715-biden-s-treasury-nominee-saule-omarova-wants-the-gov-to-takeover-your-money

Biden’s radical nominees continue to show their true colors. Biden’s Marxist currency nominee Saule Omarova said that all private bank accounts should be taken over and controlled by the Federal Reserve.

President Biden’s controversial, Soviet-born pick to lead a key branch of the Treasury Department admitted in a newly unearthed video that she “wants” traditional fuel industries “to go bankrupt.” Saule Omarova, Biden’s pick to be the comptroller of the currency, was filmed calling coal, oil and gas “troubled industries” in which “a lot of the small players … are going to probably go bankrupt.” “At least, we want them to go bankrupt if we want to tackle climate change, right?” she said in the now-viral clip. The Cornell University law professor made the remarks in February during a “Social Wealth...

The COVID-19 crisis underscored the urgency of digitizing sovereign money and ensuring universal access to banking services. It pushed two related ideas—the issuance of central bank digital currency and the provision of retail deposit accounts by central banks—to the forefront of the public policy debate. To date, however, the debate has not produced a coherent vision of how democratizing access to central bank money would—and should—transform and democratize the entire financial system. This lack of a systemic perspective obscures the enormity of the challenge and dilutes our ability to tackle it. This Article takes up that challenge. It offers a...

There’s lots of evidence that the Biden team knew that Saule Omarova was unconfirmable, so it’s worth working through why they nominated her. The Comptroller of the Currency is not another one of those do-nothing Washington jobs. The person filling this critical role controls all federally-licensed banks, credit unions, and foreign banks operating in the United States and similar institutions. Normally, you would think receiving your postgraduate education at the University of Moscow (in the USSR) and writing your doctoral dissertation on the advantages of Marxism over free economy capitalism might be a disqualifier for this all-powerful position. But not...

Video has emerged of President Joe Biden's nominee to lead the Office of the Comptroller of the Currency, Saule Omarova, saying she wants oil and gas companies to go 'bankrupt.' 'We want them to go bankrupt if we want to tackle climate change, right?' the Soviet-born Omarova said in a clip that was shared online by the conservative-leaning American Accountability Foundation. She made the comments in February when appearing at the Jain Family Institute's Social Wealth Seminar, where she was making the case for a National Investment Authority, which would pull resources from the Treasury Department and the Federal Reserve...

President Biden's nominee to be comptroller of the currency, Saule Omarova, said at a roundtable discussion earlier this year that Sen. Joe Manchin is "supposed to be on the Democratic side" as she lamented Congress' reluctance to enact big spending programs.

President Joe Biden is expected to choose Omarova to run the Office of the Comptroller of the Currency, which supervises about 1,200 banks and federal savings associations, as soon as this week, sources told the news agency. Omarova, a Kazakhstan native, currently teaches law at Cornell University Law School. In her academic work, she has argued in favor of policies that would tighten banking regulations across the board and give government a larger role in supervising the financial system, such as restructuring the Federal Reserve. She also has argued the central bank should provide consumer bank accounts.

Omarova is already facing opposition from the financial services industry over her proposal to "end banking as we know it." A proponent of stricter bank regulations, Omarova has proposed a banking system that relies on individuals, rather than banks, to hold bank accounts with the Federal Reserve. Omarova teaches at Cornell School of Law and worked in the Bush administration's Treasury Department. She later obtained a doctorate from the University of Wisconsin and a law degree from Northwestern University. She has also called for the creation of a massive government bureaucracy that she calls the National Investment Authority. Modeled on...

Saule Omarova attended Moscow State University on a Lenin scholarship. President Joe Biden’s pick for the nation’s top banking regulator, who received a scholarship named for Vladimir Lenin, scrubbed her résumé of a reference to a thesis she wrote on Karl Marx while a student at Moscow State University. Saule Omarova, who Biden tapped to head the Office of the Comptroller of the Currency, listed a paper titled "Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital" on her résumé as recently as 2017. But the paper was not disclosed on the version of the résumé reported...