Pat Tommy, a Republican member of the U.S. Senate Banking Committee, is trying to pressure the nominee to hand over his 1989 university honors thesis on Karl Marx to the head of the Office of the Controller of Currency (OCC).
The Biden administration formally appointed Kazakh-origin attorney Seoul Omarova, who has been described by critics as anti-bank and anti-crypto, as head of financial regulation on September 29. Omarova is sympathetic to Marxist views.
Omarova has lived in the United States since 1991 and previously served as an adviser to George W. Bush, having previously studied The Lenin Private Academic Scholarship at Moscow State University in 1988 and 1989.
In an open letter to Omarova, published on October 5, Tumi claimed that he had removed references to his thesis “Economic Analysis of Karl Marx and The Theory of the Capital in Revolution” from his current biography at Colonel Law School. Featured in her CV in April 2017.
The archived summary indicates that the paper was written with respect to philosophy as part of the Omarova Diploma. Tommy said he is requesting the document so that the Senate Committee on Banking, Housing and Urban Affairs can “fully assess the eligibility of individuals to serve in Senate-confirmed executive and independent agency positions.”
He said committee staff had requested documents from Omarova in September, but “we have not received any assurance that the committee will receive a copy of the paper in a timely manner.”
The Biden administration has been criticized for nominating Omarova, with opponents pointing to his 2020 statement as “encouraging lawmakers to shut down banking as effectively as we know it”. Omarova identified cryptocurrency as a symptom of the existing “dysfunctional financial system.”
However, Democrats, along with Senator Elizabeth Warren, praised Biden’s nomination. To describe Omarova “is an excellent choice for overseeing and controlling the activities of our country’s largest bank.”
Speaking to the committee on October 5, Tumi described Omarova as an “extreme fundamentalist” whose recent policies included wages and good state-directed prices, the nationalization of the retail banking industry and the general “hatred of anything like free market capitalism.” He continued:
“In 2019, he tweeted,‘ What would you say about the old USSR, there was no gender pay gap. The market doesn’t always know better […] Mrs. Omarova clearly knows that her views are out of the mainstream. ”
Senator Ted Cruz also noticed Omrova that he could pose a potential threat to crypto, Tweeted: “Not only Sol Omarova, Bysen’s choice to lead the OCC, a threat to our traditional conservative economy, he also wants to control crypto in oblivion. Crypto faces defined government regulations for the future. This nomination needs to be stopped.”