{"id":346852,"date":"2021-10-01T04:02:19","date_gmt":"2021-10-01T01:02:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bidens-pick-for-treasury-post-sought-end-to-banking-as-we-know-it\/"},"modified":"2021-10-01T04:02:19","modified_gmt":"2021-10-01T01:02:19","slug":"bidens-pick-for-treasury-post-sought-end-to-banking-as-we-know-it","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bidens-pick-for-treasury-post-sought-end-to-banking-as-we-know-it\/","title":{"rendered":"#Biden\u2019s pick for Treasury post sought end to banking &#8216;as we know it&#8217;"},"content":{"rendered":"<p>&#8220;<strong>#Biden\u2019s pick for Treasury post sought end to banking &#8216;as we know it&#8217;<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>President Biden\u2019s controversial pick to be the Treasury Department\u2019s comptroller of the currency is a USSR-born and educated professor who has praised the former Soviet Union\u2019s lack of a gender pay gap while recently advocating for ending banking \u201cas we know it\u201d by moving Americans\u2019 finances from private banks to the Federal Reserve.\u00a0<\/p>\n<p>Saule Omarova, a Cornell University law professor, was t<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed by the president Sept. 23 to oversee the nation\u2019s biggest banks and federal savings associations, with the White House calling her \u201cone of the country\u2019s leading academic experts on issues related to regulation of systemic risk and structural trends in financial markets.\u201d<\/p>\n<p>If approved, Omarova would be the first female and non-white person in the position.\u00a0<\/p>\n<p>Her nomination has sparked criticism from Republicans, who say she is seeking to \u201cradically reshaping the basic architecture and dynamics of modern finance\u201d \u2014 and reportedly Janet Yellen, Biden\u2019s Treasury secretary raised concerns about her taking the post.<\/p>\n<p>In an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/lpeproject.org\/wp-content\/uploads\/2021\/01\/Peoples.Ledger.DRAFT_.pdf\">early 2021 paper titled \u201cThe People\u2019s Ledger,\u201d<\/a> Omarova argued for making private banks \u201cnon-depository lenders,\u201d changing banking \u201cas we know it.\u201d\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"684\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Saule-Omarova3.jpg?quality=90&amp;strip=all&amp;w=684\" alt=\"Omarova was picked to be the US Treasury Department\u2019s comptroller.\" class=\"wp-image-19651352\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Saule-Omarova3.jpg?quality=90&amp;strip=all&amp;w=684 684w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Saule-Omarova3.jpg?quality=90&amp;strip=all&amp;w=342 342w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Saule-Omarova3.jpg?quality=90&amp;strip=all 920w\" sizes=\"auto, (max-width: 684px) 100vw, 684px\"\/><figcaption>Omarova was picked to be the Treasury Department\u2019s comptroller of the currency.<\/figcaption><\/figure>\n<p>\u201cBanks, in other words, will not be \u2018special\u2019 any more,\u201d she wrote, advocating for separating their lending function from their monetary function.\u00a0<\/p>\n<p>\u201cOnce banks lose their \u201cspecial\u201d status and entity-based access to the public subsidy, they will inevitably lose their appeal as potential acquisition targets for other financial institutions,\u201d she added.<\/p>\n<p>Omarova echoed these sentiments in a 2019 documentary film called \u201cA**holes: A Theory,\u201d where she called Wall Street\u2019s culture a \u201cquintessential a\u2013hole industry,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.dailymail.co.uk\/news\/article-10045817\/Biden-pick-oversee-banks-thinks-Fed-end-banking-calls-Wall-St-hole-industry.html\">according to the Daily Mail.\u00a0<\/a><\/p>\n<p>Shortly following her nomination,<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.banking.senate.gov\/newsroom\/minority\/toomey-i-have-serious-reservations-about-occ-nominee\"> Sen. Pat Toomey (R-PA), the ranking member on the Senate Banking Committee, <\/a>said he had \u201cserious reservations about her nomination.\u201d\u00a0<\/p>\n<p>\u201cMs. Omarova has called for \u2018radically reshaping the basic architecture and dynamics of modern finance\u2019 including nationalizing retail banking and having the Federal Reserve allocate credit,\u201d he said in a statement.\u00a0<\/p>\n<p>\u201cShe has also advocated for \u2018effectively end[ing] banking as we know it.\u2019 In light of these, and other extreme leftist ideas, I have serious reservations about her nomination.\u201d<\/p>\n<p>Rep. Patrick McHenry (R-NC), ranking member on the House Financial Services Committee, also shared reservations, calling out Biden for \u201cplacating his radical base\u201d with the nomination.<\/p>\n<p>\u201cPresident Biden is once again placating his radical base by nominating Saule Omarova as the head of the OCC,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/republicans-financialservices.house.gov\/news\/documentsingle.aspx?DocumentID=408140\">McHenry said.<\/a> \u201cI am concerned Professor Omarova will prioritize a progressive <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> agenda over the core mission of the OCC \u2014 supervising and managing risk in our financial system.\u201d\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Patrick-McHenry.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Rep. Patrick McHenry\" class=\"wp-image-19651379\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Patrick-McHenry.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Patrick-McHenry.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Patrick-McHenry.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Rep. Patrick McHenry expressed concerns over Biden\u2019s pick.<\/figcaption><figcaption><span class=\"credit\">Al Drago\/Pool via AP<\/span><\/figcaption><\/figure>\n<p>\u201cOur financial regulators must focus on pro-growth policies that foster innovation to build a robust and inclusive economic recovery, rather than Democrats\u2019 obsession with vague social objectives.\u201d<\/p>\n<p>Yellen, too, was skeptical about the nomination, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/comptroller-of-the-economy-saule-omarova-joe-biden-nominee-11632937029\">according to the Wall Street Journal.\u00a0<\/a><\/p>\n<p>Omarova has been slammed in the past for appearing to praise and support Soviet Union ideals.<\/p>\n<p>In 2019, she posted to Twitter in support of the \u201cold USSR\u201d where there was \u201cno gender pay gap.\u201d She attempted to do damage control after being criticized for it, but failed to fully condemn the Soviet Union.\u00a0<\/p>\n<p>\u201cI never claimed women and men were treated absolutely equally in every facet of Soviet life. But people\u2019s salaries were set (by the state) in a gender-blind manner. And all women got very generous maternity benefits. Both things are still a pipe dream in our society!\u201d she wrote.\u00a0\u00a0<\/p>\n<p>Omarova was born in Kazakhstan in the former Soviet Union and moved to the U.S. in 1991 to pursue her Ph.D. at the University of Wisconsin.<\/p>\n<p>Despite the criticism, the professor has garnered support, notably from Sen. Elizabeth Warren (D-Mass.), who has called the nomination \u201ctremendous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>.\u201d\u00a0<\/p>\n<p>\u201cShe is an excellent choice to oversee and regulate the activities of our nation\u2019s largest banks and I have no doubt she\u2019ll be a fearless champion for consumers,\u201d Warren said in a Facebook statement.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Elizabeth-Warren.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Sen. Elizabeth Warren\" class=\"wp-image-19651387\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Elizabeth-Warren.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Elizabeth-Warren.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Elizabeth-Warren.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>On the left, Sen. Elizabeth Warren applauded Biden\u2019s decision. <\/figcaption><figcaption><span class=\"credit\">Patrick Semansky, Pool\/AP<\/span><\/figcaption><\/figure>\n<p>Senate Banking Committee Chair Sen. Sherrod Brown (D-Ohio) praised the professor\u2019s experience as a \u201cpolicymaker, in the private sector, and in academia,\u201d urging his colleagues to support the nomination.\u00a0<\/p>\n<p>\u201cHer experience as a policymaker, in the private sector, and in academia will allow her to work with stakeholders across our financial system to ensure the economy works for everyone, and to protect our economic recovery from the risky activities of Wall Street and other bad actors,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.banking.senate.gov\/newsroom\/majority\/brown-statement-on-the-historic-selection-of-saule-omarova-to-lead-the-occ\">Brown said.\u00a0<\/a><\/p>\n<p>\u201cI call on my colleagues on the Banking and Housing Committee to support this historic nominee to this position critical to our economy.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/09\/30\/bidens-pick-for-treasury-post-sought-end-to-banking-as-we-know-it\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Biden\u2019s pick for Treasury post sought end to banking &#8216;as we know it&#8217;&#8221; President Biden\u2019s controversial pick to be the Treasury Department\u2019s comptroller of the currency is a USSR-born and educated professor who has praised the former Soviet Union\u2019s lack of a gender pay gap while recently advocating for ending banking \u201cas we know it\u201d&#8230;<\/p>\n","protected":false},"author":1,"featured_media":346853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Saule-Omarova1.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[116784,71939,991,72588,88208,73809],"class_list":["post-346852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-9-30-21","tag-banks","tag-joe-biden","tag-money","tag-soviet-union","tag-treasury-department"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/346852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=346852"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/346852\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/346853"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=346852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=346852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=346852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}