The Office of the Auditor General of the United States will only work with the Acting Auditor for a short period of time after President Biden’s nominee, Sol Umarova, withdrew his nomination from the approval process.
In response to Umarova’s resignation, President Biden declared on December 7: “Sully has been subjected to inappropriate personal attacks that go far beyond what is acceptable.”
The responsible financial controller supervises the regulation of registered banks throughout the country. Cryptocurrency stakeholders considered Omarova a poor choice for the console because of her anti-crypto sentiment.
During a hearing on her views on the regulation of private banking and cryptocurrency, Omarova answered hot questions from Republican senators and some Democratic senators in the Banking, Housing, and Urban Affairs Committee.
Some Republicans, such as Senator John F. Kennedy, focused on Omarova’s upbringing in the Soviet Union.
During a Senate hearing on November 18, Republican Senator Cynthia Lamis Umarov asked about her stance on cryptocurrencies and stack coins. Umarova has expressed concern that private technology companies that eventually distribute a stable foreign exchange infrastructure will put private business interests ahead of the public’s need for open banking.
Asked if she thinks government paper currency is better than private trade, Umarov replied:
“I am concerned that private innovation could undermine many important government policies that we must pursue.”
Omarova studied at Moscow State University in Moscow, Russia, at V.I. Lenin’s personal academic scholarship, in which she allegedly wrote a dissertation on Karl Marx. This letter was included in Umarova’s appeal in April 2017. Republican Senator Pat Toomey was told that the letter had been deleted and therefore could not be preached.
About that: Lines in the Sand: The US Congress brings party politics to crypto
Republican Senator Mike Crapo asked Omarova to explain his position to the Federal Reserve on climate change. She calls for the banking system to have the power to phase out climate change industries, which she has described as “suboptimal social industries”, by preventing them from taking out bank loans.
Her position is: “To get rid of these carbon financiers, we deprive them of the source of their capital.”
In light of Umarova’s rejection, President Biden must nominate another candidate for the post of observer.