If Democrats don’t want to be associated with Marxism, they shouldn’t tout individuals who openly espouse those views.
Saule Omarova, a Soviet-born Cornell University professor from Kazakhstan, is President Joe Biden’s pick to run the Office of the Comptroller of the Currency (OCC). The OCC is an agency within the Treasury Department. The position was established in 1863 by President Abraham Lincoln “for organizing and administering a system of nationally chartered banks and a uniform national currency.”
Why, pray tell, is Ms. Omarova vying for this position if she despises the U.S. banking system? After all, in her own words, it’s a “quintessential a--hole industry.” She also suggested the U.S. should “effectively end[ing] banking as we know it” by eliminating private bank deposits and replacing them with central bank accounts.
Naturally, the Moscow State University graduate is accusing her opponents of harboring racist and xenophobic views. That strategy, however, isn’t working to her advantage. As a result, more U.S. Senators, left and right, are opposing her nomination.
It’s Not Red Baiting to Oppose a Soviet-Born Anti-Capitalist
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Omarova’s supporters in academia and the media claim opposition to the central planner is “facing a Red Scare” essentially amounting to McCarthyism 2.0.
Omarova, in her own words, offered a defense of Karl Marx’s economic views. The proof is firmly in the pudding: Her university thesis was entitled “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital.”
In “The People’s Ledger: How to Democratize Money and Finance the Economy,” she championed the “comprehensive restructuring of the central bank balance sheet as the basis for redesigning the core architecture of modern finance.”
Independent Women’s Forum and Independent Women’s Voice jointly issued this statement opposing Omarova for OCC, writing, “Omarova’s desire to “radically democratize access to money and control over financial flows in the nation’s economy” would be achieved by centralizing control over all financial institutions. She believes that the federal government should determine asset prices, wages, capital, and more. She has not just advocated for increased regulations on the financial industry but for unprecedented government intervention into the affairs and activities of financial institutions. In her view, technocrats can more efficiently and equitably serve the public than private actors.”
Former financial services professional and political commentator Carrie Sheffield aptly summarized her penchant for Soviet economics in the following manner:
"The nominee’s worldview is more aligned with the failed former Soviet Union — an economic regime that collapsed under its failed policies — than the U.S. system she would regulate. In an interview defending her nomination, Omarova told Bloomberg News she’s 'a free-market idealist' and said, 'I know that Soviet-style communism doesn’t work. I’ve lived through it. That system was deeply flawed. It’s dead.'"
"Unfortunately, by her desire for the government to seize control of the banking industry, Omarova contradicts those claims and would put Americans on a path to revive the system she saw fail. Omarova’s status as a woman and immigrant is not the problem — the content of her professional output is."
Even Democrats Are Souring on Her
Four Democratic Senators are potential “No” votes on Omarova’s nomination. The skeptical members include Senators Joe Manchin (D-WV), Kyrsten Sinema (D-AZ), Jon Tester (D-MT), and Mark Warner (D-VA).
Tester expressed concerns with the Soviet-born professor’s views on banking and finance, telling Fox Business, “Some of Ms. Omarova’s past statements about the role of government in the financial system raise real concerns about her ability to impartially serve at the Office of the Comptroller of the Currency, and I’m looking forward to meeting with her to discuss them."
And Omarova shouldn’t expect Manchin’s support after saying this about the senior senator from West Virginia:
"People like Joe Manchin, for example – supposed to be on the Democratic side – and yet feel very uncomfortable with big spending ideas, right?" Omarova continued. "To supplement that kind of fiscally constraint and politically constraint kind of spending, we need to make sure we have a strong public institution that can harness the existing abundant private capital and pull it in the right direction."
Conclusion
It’s inconceivable to me, a daughter of Lithuanian immigrants, that a Soviet-born Marxist could be confirmed to a top federal government position.
Her collectivist views are diametrically opposed to institutional norms. Moreover, opposing Ms. Omarova isn’t red-baiting or racist; her extreme writings and recorded statements alone warrant a defeat.
President Biden nominating her to head up OCC confirms he is no moderate either. Rather, he appears to tolerate collectivist policies within his administration. That, in itself, should trouble every freedom-loving American.
Lawmakers would be wise to oppose Ms. Omarova ahead of Thursday’s Senate hearing.
