Thursday, June 20, 2024

Senator puts pressure on OCC nominee on a missing Moscow University Marxism thesis.

Pat Toomey is a Republican Senator from Pennsylvania and a member of the Senate Banking Committee. He is seeking to compel the nominated candidate for the office of Comptroller of the Currency, Saule Omarova, to send up her thesis on Karl Marx from 1989.

On September 29, the Biden administration selected Omarova, who has been branded anti-crypto and anti-bank by detractors, to lead the financial regulator. Toomey feels that Omarova sympathizes with Marxist beliefs, evoking vivid memories of McCarthyism.

Omarova has resided in the United States since 1991 and previously worked as an adviser to George W. Bush. She attended Moscow State University from 1988-89. Toomey alleges that she removed references to her thesis on Marx from her CV.

According to Omarova’s preserved CV, the thesis was done as part of her graduation with honors in philosophy. Toomey claims he wants the paper so the Senate Committee can “completely examine the fitness of people to serve in Senate-confirmed administrative and autonomous agency posts.”

What do the Republicans say?

The Biden administration has been criticized over Omarova’s appointment, with critics citing her remarks last year in which she urged legislators to “essentially abolish banking as we understand it.” Cryptocurrency, according to Omarova, is a manifestation of the prevailing “poorly functioning financial system.”

Toomey labeled Omarova as an extremist whose latest policy proposals involve state-directed prices for salaries and products, nationalization of the retail banking business. According to him, she has a general abhorrence towards whatever resembles free-market capitalism.

Ted Cruz, a senator from Texas, mentions that Omarova is not only a danger to the conventional economy of the USA but wants to push crypto into extinction.

What is the Democrat reaction?

Democrats have applauded Biden’s decision, with Senator Elizabeth Warren calling Omarova a “great candidate to supervise and oversee the actions of USA’s major banks”.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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