Wednesday, October 20, 2021

    Latest Posts

    Biden pick for bank regulator says critics ‘demonise’ her identity

    Joe Biden chose to lead the major US bank Regulators counterattacked her critics in Congress and Wall Street and accused her of being a woman and a minority candidate.

    President of the United States Presentation Last month he will appoint Sole Omarova as the Office of the Comptroller of the Monetary Authority, which oversees national banks such as Bank of America and Wells Fargo.

    Since then, however, she has faced a backlash from Republican And the banking industry. Critics have focused on her Soviet upbringing and her recent career as a scholar in a proposal that includes a state-owned bank account system.

    “There are definitely different standards for people like me,” Omarova, who was born in Kazakhstan today, said in an interview with the Financial Times.

    “I’m an easy target. Immigrants, women, minorities,” she added. “I don’t look like your typical Office of the Comptroller, I have another history. I can easily demonize and blame. “

    Asked if he thinks some of her criticisms are racist, Omarova replied, “I think it’s true.”

    The Office of the Comptroller of the Currency oversees banks with assets of $ 14.9 trillion, issues rules on how lenders do business, and licenses new banks to operate.OCC, an independent branch of the Treasury, is also potentially important To regulate cryptocurrencies..

    Opposition to Omarova from Republicans and bank lobbyists raised concerns that the Biden administration might not be able to secure sufficient support from moderate Democrats to win the Senate confirmation.

    Pat Toomey, a senior Republican member of the Senate Banking Commission, told Senators last week:

    Rob Nichols, CEO of the American Banking Association, said in a statement, “Serious concerns about her idea of ​​radically rebuilding the banking system of the world’s most diverse and competitive countries. I’m holding it. “

    Omarova critics focus on two main parts of her career. In her upbringing in the Soviet Union, she wrote a treatise on Karl Marx while studying at Moscow State University.When paper She wrote her role as a law professor at Cornell University last year.

    Her more recent treatise argued for a state-owned bank account system in which all Americans have deposit accounts in the Federal Reserve rather than private lenders. She also insisted on building another federal-run vehicle to help finance public infrastructure projects, but private banks were still allowed to lend.

    See the book titled “Books of 2014” The end of the banking business, She wrote: “By separating their lending function from their financial function, the proposed reforms will, as we know, effectively’end banking’. “

    Toomey last week asked Omarova to submit a copy of his undergraduate treatise on Marx. Perhaps it could be because someone grew up in the former Soviet Union, went to Moscow State University, and attended VI Lenin’s academic scholarship. “

    Omarova didn’t submit by the Wednesday deadline set by Toomey, but didn’t say he would submit an essay. She states: “I was in the Soviet Union, where I had no academic freedom. This was a mandatory assigned topic. What I wrote in that treatise had nothing to do with what I believed at the time or what I now believe. There is no. “

    She also denied the Communist sympathy proposal, stating: “Stalin sent the whole family to Siberia, where she died, leaving her grandmother orphaned. Her family was destroyed because she was an educated Kazakh who did not attend the party.

    “I was really lucky to be able to go to Moscow State University … I was 18 years old and within a year I became an anti-communist like most of my classmates. Banned I was reading things. We were listening to illegal Pink Floyd, we were talking about Solzhenitsyn [the author and Soviet dissident].. “

    A supportive senator, led by Democratic chairman of the Senate Banking Commission, is now lobbying to save her nomination.

    Brown said: “She was the first woman, first immigrant, and first colored to lead the agency in 158 years of history, but she’s still amazed at how vicious the Republican smears and personal attacks were. . ”

    Omarova said the criticism was motivated by concerns about imposing stricter banking restrictions than gender and ethnicity.

    “What the Wall Street banks are worried about is that I’m an independent, aspiring regulator, not one of them, and not being watched over by them,” she said. ..

    Biden pick for bank regulator says critics ‘demonise’ her identity Source link Biden pick for bank regulator says critics ‘demonise’ her identity

    The post Biden pick for bank regulator says critics ‘demonise’ her identity appeared first on California News Times.

    Source link

    Latest Posts

    Don't Miss

    Stay in touch

    To be updated with all the latest news, offers and special announcements.