Economy & Business, Politics

Top Biden Official Praises Communist Russia, Price Controls

President Joe Biden’s nominee for currency comptroller of the U.S. Treasury Department, Cornell law professor Saule Omarova, has raised eyebrows for her past praise of aspects of the former Soviet Union and recent advocacy of “effectively ‘end[ing] banking’ as we know it.”

The New York Post reported that while the White House hails Omarova as “one of the country’s leading academic experts on issues related to regulation of systemic risk and structural trends in financial markets,” Senate Republicans fear she would stand for “radically reshaping the basic architecture and dynamics of modern finance.”

Born in the former Soviet nation of Kazakhstan, Omarova immigrated to the United States in 1991. The Wall Street Journal reported that she “graduated from Moscow State University in 1989 on the Lenin Personal Academic Scholarship. Thirty years later, she still believes the Soviet economic system was superior, and that U.S. banking should be remade in the Gosbank’s image […] Ms. Omarova thinks asset prices, pay scales, capital and credit should be dictated by the federal government.” Read more…

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