JAKARTA - The US Office of the Comptroller of the Currency will operate with only an interim Supervisor for much longer after US President Joe Biden's nominee, Saule Omarova, withdrew his candidacy from the confirmed process.
In response to Omarova's withdrawal, President Biden said on Dec. 7, "Saule was subjected to an inappropriate personal attack that goes far beyond the limits."
The U.S. Treasury of Currency, oversees the regulation of leasing banks across the country. Cryptocurrency stakeholders see Omarova as a poor choice for the Comptroller due to her anti-crypto sentiment.
Omarova received heated questions from Republicans and several Democratic senators on the Committee on Banking, Housing and Urban Affairs, in hearings about her views on private banking and cryptocurrency regulation.
Some Republicans, such as Senator John Kennedy Jr. focuses on Omarova's education in the Soviet Union.
During the November 18 session of the Senate, Republican Senator Cynthia Lummis questioned Omarova about her position on cryptocurrencies and stablecoins. Omarova expressed concern that ultimately private technology companies deploying stablecoin infrastructure will place private profit-based interests above the public's need for open banking.
When asked if she believed that government-issued fiat currency was superior to private trade, Omarova replied:
“I worry about allowing private innovation to undermine many of the important public policies we need to pursue,” he said, as quoted by Cointelegraph.
Omarova attended Moscow State University in Moscow, Russia on the VI Lenin Private Academic Scholarship where she reportedly wrote a thesis on Karl Marx. The thesis was featured on Omarova's resume in April 2017.
Republican Senator Pat Toomey was notified that the thesis had been deleted, and therefore could not be produced.
Republican Senator Mike Crapo challenged Omarova to explain her position on federally chartered banks as they relate to climate change. He advocates for a banking system that has the power to put industries that contribute to climate change, which he calls “socially suboptimal industries”, out of business by preventing them from accessing bank loans.
His position stated, “the way we get rid of these carbon funders is that we deprive them of their source of capital.”
In light of Omarova's resignation, President Biden will have to nominate another candidate for the position of Comptroller. However, this is not expected to materialize in the near future.
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