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Mississippi Treasurer McRae joins 16...

Mississippi Treasurer McRae joins 16 other states in opposing President Biden’s Comptroller of the Currency nominee

By: Frank Corder - November 15, 2021

Omarova’s “radical views” on private banking, “bankrupting” energy industries raises concerns.

Mississippi Treasurer David McRae, along with officials from 16 other states, is calling on President Joe Biden to immediately withdraw the nomination of Saule Omarova for U.S. Comptroller of the Currency.

In a letter co-signed by 21 state financial officers representing 17 states, the group says Omarova’s “radical views” have caused great concern.

Treasurer David McRae

“[We are] opposed to Ms. Omarova because of her radical views and have a deep concern that she would abuse her supervisory power as Comptroller to expand political control over the private banking sector, disrupting the economy,” McRae and the others wrote to the President. “We hereby call upon you to withdraw this nomination on the grounds that Omarova’s professed worldview is incompatible with the free market and is therefore disqualifying.”

Omarova, who was born in Kazakhstan when it was part of the old Soviet Union, has called for an “end to banking as we know it” by transferring private banking functions to the Federal Reserve.

Additionally, the Biden nominee has seemed to support “bankrupting” energy industries as a means to tackle climate change.

“For example for certain troubled industries and firms that are in transitioning. Here, what I’m thinking about is primarily the coal industry and oil and gas industry,” Omarova is shown as saying in a viral Twitter clip. “A lot of the smaller players in that industry are going to probably go bankrupt in short order, at least we want them to go bankrupt if we want to tackle climate change.”

The letter opposing the nominee was issued to President Biden and was signed by the following State Treasurers, CFOs and Auditors:

  • Arizona State Treasurer Kimberly Yee
  • Arkansas Treasurer of State Dennis Milligan
  • Florida Chief Financial Officer Jimmy Patronis
  • Idaho Treasurer Julie Ellsworth
  • Indiana Treasurer of State Kelly Mitchell
  • Kentucky Auditor Mike Harmon
  • Kentucky Treasurer Allison Ball
  • Louisiana Treasurer John Schroder
  • Mississippi Treasurer David McRae
  • Missouri Treasurer Scott Fitzpatrick
  • Nebraska Treasurer John Murante
  • North Carolina Treasurer Dale Folwell, CPA
  • North Dakota Treasurer Thomas Beadle
  • Pennsylvania Treasurer Stacy Garrity
  • South Dakota Auditor Richard Sattgast
  • South Dakota Treasurer Josh Haeder
  • Texas Comptroller Glenn Hegar
  • Utah Auditor John Dougall
  • Utah Treasurer Marlo Oaks
  • West Virginia Treasurer Riley Moore
  • Wyoming State Treasurer Curt Meier

State Financial Officers Foundation CEO Derek Kreifels also signed onto the letter.

About the Author(s)
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Frank Corder

Frank Corder is a native of Pascagoula. For nearly two decades, he has reported and offered analysis on government, public policy, business and matters of faith. Frank’s interviews, articles, and columns have been shared throughout Mississippi as well as in national publications such as the Daily Caller. He is a frequent guest on radio and television, providing insight and commentary on the inner workings of the Magnolia State. Frank has served his community in both elected and appointed public office, hosted his own local radio and television programs, and managed private businesses all while being an engaged husband and father.