On 11/18/2021, Senator Kevin Cramer (R-ND), member of the Senate Banking Committee, questioned Dr. Saule Omarova, nominee to be Comptroller of the Currency, on a number of her previous controversial statements regarding bankrupting oil and gas companies, central banking, and price fixing. The Comptroller of the Currency, is the primary regulator and supervisor of U.S. national banks. They oversee national bank chartering, regulation, supervision, and enforcement.
Senator Cramer confronted the impression Dr. Omarova is the champion of independent community banks, highlighting their strong opposition to her nomination. The Independent Community Bankers of America (ICBA), along with 41 state associations, wrote to the Banking Committee expressing their opposition to the Omarova nomination. Following Senator Cramer’s questions, the ICBA reiterated their opposition to her nomination. “There’s been a lot said about why it would be obvious Wall Street banks don’t support your nomination. Why do you suppose Independent Community banks don’t support you, because the Independent Community Banks of America and several state independent banking groups also strongly oppose your nomination? It’s not all about Wall Street. If you’re such a pro community banker, why do you suppose they oppose you so strongly?” asked Senator Cramer.
Dr. Omarova simply replied she “wished the community bankers and their trade association actually read more carefully what I’ve written.”
“As though judgement doesn’t matter even if it’s technically true. We didn’t ask you if you’re a Vikings fan or a Colts fan or a Chicago Bears fan. These judgment statements you made matter a lot even if you don’t have direct legal authority for a particular policy… Do you believe that starving U.S. oil and gas industry of its capital… do you believe if it could lead to bankruptcy of all oil and gas companies in America that would actually help climate change?” asked Senator Cramer.
In response, Dr. Omarova, a Moscow State University graduate and V.I. Lenin Personal Academic Scholarship recipient, stated for the record that she is not an expert on climate change.
“America’s role in this and America’s role in the solution versus what people like John Kerry and Gina McCarthy are advocating, which is really transferring their climate guilt to polluting countries. Like somehow if we shut down the industry in the United States, Russian natural gas or Venezuelan and Saudi Oil somehow doesn’t have a negative impact on the climate. We’ll all be better if we just starve capital in the United States of America. I would submit to you that building up the oil and gas industry in America would have a greater impact on reducing climate change than starving it,” continued Senator Cramer.
He also asked Dr. Omarova to clarify her previous comments about “socially sub-optimal” industries and whether it is in fact the authority of a federal regulator, but she refused to answer what industries are “socially sub-optimal.” Senator Cramer closed by noting that the right incentives are already in place for risk assessment by banks themselves.