Biden Nominates a Communist to be Comptroller of the Currency

 

Saule Omarova has been nominated to US Comptroller of the Currency. I can’t verify that she is an official member of the Communist Party, but everything else about her plans for this position, if she is approved, declares her embrace of Communism loud and clear. You wouldn’t know, however, her preference for Communist ideas from most publications:

Ms. Omarova is currently a law professor at Cornell University, where she serves as the Director of the Program on the Law and Regulation of Financial Institutions and Markets of Cornell’s Jack Clarke Institute for the Study and Practice of Business Law.  The White House’s press release describes her as ‘one of the country’s leading academic experts on issues related to regulation of systemic risk and structural trends in financial markets.’

It sounds like an impressive summary, doesn’t it? Another publication does mention reasons for some resistance to her nomination:

Omarova has written in favor of restructuring the Federal Reserve and recommended that it provide bank accounts for consumers, which she has argued would make the financial system ‘less complex, more stable and more efficient in serving the long-term needs of the American people.’ That view is likely to make her nomination controversial, particularly for Senate Republicans.

Earlier this year, she told POLITICO that large financial institutions ‘hold so much power now and they move so much money through their own channels that it is effectively impossible through just rules and some enforcement to really shape what it is they’re doing.’

If you want to learn more about her intentions, you can read her report. In part, the abstract of the report says:

[This article] offers a blueprint for a comprehensive restructuring of the central bank balance sheet as the basis for redesigning the core architecture of modern finance. Focusing on the U.S. Federal Reserve System (the Fed), the Article outlines a series of structural reforms that would radically redefine the role of a central bank as the ultimate public platform for generating, modulating, and allocating financial resources in a democratic economy—the People’s Ledger.

“Radically redefine” sets off alarm bells for me—as well as the “People’s Ledger.” A bit Marxian, don’t you think?

All of these descriptions might make you feel slightly uneasy, but progressives tend to have that effect on most of us, and in some ways we’re getting accustomed to their demands. That might have been my reaction, until I read this Wall Street editorial:

President Biden checked off another progressive identity box last week by nominating Saule Omarova as Comptroller of the Currency. Some Trump appointees were ridiculed for having supported the elimination of their agencies. Ms. Omarova wants to eliminate the banks she’s being appointed to regulate.

The Cornell University law school professor’s radical ideas might make even Bernie Sanders blush. She graduated from Moscow State University in 1989 on the Lenin Personal Academic Scholarship. Thirty years later, she still believes the Soviet economic system was superior, and that U.S. banking should be remade in the Gosbank’s image.

‘Until I came to the US, I couldn’t imagine that things like gender pay gap still existed in today’s world. Say what you will about old USSR, there was no gender pay gap there.’

The link above to the People’s Ledger will provide the details of her report; I think that this excerpt from the WSJ is worth noting:

Ms. Omarova believes capital and credit should be directed by an unaccountable bureaucracy and intelligentsia. She has recommended a ‘National Investment Authority,’ with members overseen by an advisory board of academics, to finance a ‘big and bold’ climate agenda. Sounds like the green infrastructure bank the Senate rejected.

She’d also like a politically and structurally independent ‘Public Interest Council’ of ‘highly paid’ academics with broad subpoena power to supervise financial regulatory agencies, including the Fed. The Council, she explained, would not be subject to the ‘constraints and requirements of the administrative process.’ Ivy League professors know best.

I can’t help cringing at what is basically a federal government takeover of the banking system, her desire to finance a “big and bold” climate agenda, and a reliance on academia oversight.

*     *     *     *

You might think I am overreacting to her nomination; after all, Bernie Sanders has been around lauding the Soviet Union/Russia for a long time. But he is just one man, and most of the time he is spitting into the wind in the Senate. Although some of Ms. Omarova’s plans require legislation from Congress, her open declaration and support of Communist/Marxist goals could lead to both anti-American and damaging actions toward the banking system. This is not a woman who only supported these ideas in her younger days; she still enthusiastically espouses them today.

And Joe Biden knows it.

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  1. Douglas Pratt Coolidge
    Douglas Pratt
    @DouglasPratt

    Personnel is policy. This administration would like to nationalize the banking industry. That’s the motivation behind the regulation forcing them to report every transaction over $600.

    • #1
  2. Fritz Coolidge
    Fritz
    @Fritz

    But the Marxist takeover of the US is just a crazy conspiracy theory! Look, a squirrel!!

    • #2
  3. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    Douglas Pratt (View Comment):

    Personnel is policy. This administration would like to nationalize the banking industry. That’s the motivation behind the regulation forcing them to report every transaction over $600.

    I agree, Doug. It’s just a first step while they get their dictator, ahem, comptroller in place. Apparently she’s even too radical for Janet Yellen, who didn’t want her nominated.

    • #3
  4. Jim McConnell Member
    Jim McConnell
    @JimMcConnell

    @susanquinn, I agree with everything you say, with the possible exception of the last sentence: “And Joe Biden knows it.”

    At this point, I’m not sure Joe knows very much at all (including where he is at any time), based upon his recent press appearances.

     

    • #4
  5. Fake John/Jane Galt Coolidge
    Fake John/Jane Galt
    @FakeJohnJaneGalt

    There was a reason that the founders were for citizen politicians.  We are allowing the country to be ran by “experts” that have never actually worked in the real world but instead live in the academy, government space.  They love new theories and want to put into actions stuff from their heads with no understanding on how the real world works.  When it fails it is always somebody else’s fault.

    • #5
  6. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    Jim McConnell (View Comment):
    At this point, I’m not sure Joe knows very much at all (including where he is at any time), based upon his recent press appearances.

    Well, it’s under his name! I couldn’t vouch for the rest–sadly. 

    • #6
  7. Hang On Member
    Hang On
    @HangOn

    Perfect for Cornell. Perfect for the Biden regime.

    • #7
  8. DonG (2+2=5. Say it!) Coolidge
    DonG (2+2=5. Say it!)
    @DonG

    She wants all banking and lending done by the federal government.  Imagine the tyranny then.

    • #8
  9. Vince Guerra Member
    Vince Guerra
    @VinceGuerra

    I recommend everyone become acquainted with Catherine Austin Fitts, Publisher of The Solari Report, about the financial warfare being waged globally in preparation for the financial reset. It’s coming, and every day the news gives us confirmations like that in your post. https://rumble.com/vdzs47-catherine-austin-fitts-on-bitcoin-gold-and-the-go-direct-reset.html

    @blueyeti she’d make a great podcast guest too.

    • #9
  10. EDISONPARKS Member
    EDISONPARKS
    @user_54742

    Does anyone actually believe Biden nominates anyone:

    politics weekend at bernie's Memes & GIFs - Imgflip

    • #10
  11. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    EDISONPARKS (View Comment):
    Does anyone actually believe Biden nominates anyone:

    When you put it like that …. still, whoever is doing it is trying to stick us with these people!

    • #11
  12. Clifford A. Brown Contributor
    Clifford A. Brown
    @CliffordBrown

    Susan Quinn (View Comment):

    Douglas Pratt (View Comment):

    Personnel is policy. This administration would like to nationalize the banking industry. That’s the motivation behind the regulation forcing them to report every transaction over $600.

    I agree, Doug. It’s just a first step while they get their dictator, ahem, comptroller in place. Apparently she’s even too radical for Janet Yellen, who didn’t want her nominated.

    You beat me to this story. A real live unreformed commie nominated to a position having to do with our money. I wonder if this is a sort of trolling operation on both the progressives and the rest of us. Is the nomination intended to fail?

    • #12
  13. Fritz Coolidge
    Fritz
    @Fritz

    Clifford A. Brown (View Comment):

    Susan Quinn (View Comment):

    Douglas Pratt (View Comment):

    Personnel is policy. This administration would like to nationalize the banking industry. That’s the motivation behind the regulation forcing them to report every transaction over $600.

    I agree, Doug. It’s just a first step while they get their dictator, ahem, comptroller in place. Apparently she’s even too radical for Janet Yellen, who didn’t want her nominated.

    You beat me to this story. A real live unreformed commie nominated to a position having to do with our money. I wonder if this is a sort of trolling operation on both the progressives and the rest of us. Is the nomination intended to fail?

    Well, the Senate just confirmed an unrepentant eco-terrorist (tree-spiking was the thing when she was with Earth First) to head up the Bureau of Land Management, which controls a huge percentage of the territory in the western half of the country. So no doubt an actual Commie educated in the Soviet Union when it was still  the Soviet Union seems just right for Comptroller of the Currency under the present regime.

    • #13
  14. Clifford A. Brown Contributor
    Clifford A. Brown
    @CliffordBrown

    EDISONPARKS (View Comment):

    Does anyone actually believe Biden nominates anyone:

    politics weekend at bernie's Memes & GIFs - Imgflip

    ‘Tain’t funny, McGee. This is what is being proposed, pushed, planned.

    • #14
  15. Kozak Member
    Kozak
    @Kozak

    I wonder if our resident NT crowd will step forward to explain why this is better then Trump and his appointments.

    Not holding my breath.

    • #15
  16. Clifford A. Brown Contributor
    Clifford A. Brown
    @CliffordBrown

    This is the sub-agency in charge of federal banking system, going back to the first Comptroller in 1863.

     

    • #16
  17. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    Clifford A. Brown (View Comment):
    You beat me to this story. A real live unreformed commie nominated to a position having to do with our money. I wonder if this is a sort of trolling operation on both the progressives and the rest of us. Is the nomination intended to fail?

    I don’t think so, Clifford. I think they are testing the waters to see just how far they can go and get a way with it. She may not be approved this time, but the next time a radical like this is nominated…..?

    • #17
  18. Stad Coolidge
    Stad
    @Stad

    AP 2022:

    Currency Czar Saule Omarova announced today the US was shifting from the dollar to the yuan in an attempt to stabilize world financial markets.

    • #18
  19. Rodin Member
    Rodin
    @Rodin

    Actually Biden doesn’t want to nationalize anything — too much potential blowback at the ballot box. He prefers to intimidate corporations and, in a move that would make Jesse Jackson proud, both shake them down and direct how they, not him, will control consumers. At the same time he is destroying small business because that is too distributed to be able to control without nationalizing.

    • #19
  20. DaveSchmidt Coolidge
    DaveSchmidt
    @DaveSchmidt

    Jim McConnell (View Comment):

    @ susanquinn, I agree with everything you say, with the possible exception of the last sentence: “And Joe Biden knows it.”

    At this point, I’m not sure Joe knows very much at all (including where he is at any time), based upon his recent press appearances.

     

    Agree!

    • #20
  21. GlennAmurgis Coolidge
    GlennAmurgis
    @GlennAmurgis

    These are the norms that David French and Bill Kristol longed for 

    • #21
  22. Percival Thatcher
    Percival
    @Percival

    Susan Quinn: Ms. Omarova believes capital and credit should be directed by an unaccountable bureaucracy and intelligentsia. She has recommended a ‘National Investment Authority,’ with members overseen by an advisory board of academics, to finance a ‘big and bold’ climate agenda. Sounds like the green infrastructure bank the Senate rejected.

    Umm … how about “no?”

    • #22
  23. RufusRJones Member
    RufusRJones
    @RufusRJones

    Fake John/Jane Galt (View Comment):

    There was a reason that the founders were for citizen politicians. We are allowing the country to be ran by “experts” that have never actually worked in the real world but instead live in the academy, government space. They love new theories and want to put into actions stuff from their heads with no understanding on how the real world works. When it fails it is always somebody else’s fault.

     

     

     

    That is a very good thread.

    • #23
  24. RufusRJones Member
    RufusRJones
    @RufusRJones

    Clifford A. Brown (View Comment):

    This is the sub-agency in charge of federal banking system, going back to the first Comptroller in 1863.

     

    They regulate nationally chartered banks. There are four regulators and there is some overlap. FDIC, state, and Federal Reserve.

    I worked for the OCC briefly. I don’t keep track of who they put in that position, but it seems pretty weird that they would put someone in that doesn’t know a lot about the nuts and bolts of what bank examiners have to do. Hopefully it’s just silly attempt to placate the progressives. 

    Having said that,

    Everything Moves Towards Communism All Of The Time™

    Everything Moves Left All Of The Time

    We are not a nation of laws, we are a nation of political will.  – Steve Deace 

    • #24
  25. RufusRJones Member
    RufusRJones
    @RufusRJones

    We are watching the failure of central planning in real time. The Federal Reserve could never guess (yes that’s what they do)  the right interest rate since Paul Volker and we are living through it. This made the government excessively large. It’s all failing. So they want to do more. It’s insane. 

    If the CPI didn’t have the bogus owners equivalent rent, it would be at 11%, here, and 14% in Germany. 

    So they want to do more. lol

    • #25
  26. RufusRJones Member
    RufusRJones
    @RufusRJones

    Douglas Pratt (View Comment):

    Personnel is policy. This administration would like to nationalize the banking industry. That’s the motivation behind the regulation forcing them to report every transaction over $600.

    Even if they don’t get this, they are moving the Overton Window. 

    They know it’s falling apart so they want to do more. More central planning. More government force. More experts. Obviously this is a stupid idea.

    • #26
  27. RufusRJones Member
    RufusRJones
    @RufusRJones

    Vince Guerra (View Comment):

    I recommend everyone become acquainted with Catherine Austin Fitts, Publisher of The Solari Report, about the financial warfare being waged globally in preparation for the financial reset. It’s coming, and every day the news gives us confirmations like that in your post. https://rumble.com/vdzs47-catherine-austin-fitts-on-bitcoin-gold-and-the-go-direct-reset.html

    @ blueyeti she’d make a great podcast guest too.

    The fact is you can talk about politics and government all you want, but the financial system is in a dynamic relationship with all of that and when you leave it out, you really aren’t understanding everything.

     

    http://financialrepressionauthority.com/2017/07/26/the-roundtable-insight-george-bragues-on-how-the-financial-markets-are-influenced-by-politics/

     

     

    • #27
  28. RufusRJones Member
    RufusRJones
    @RufusRJones

     

     

     

     

    • #28
  29. RufusRJones Member
    RufusRJones
    @RufusRJones

     

     

     

     

    • #29
  30. Chris Oler Coolidge
    Chris Oler
    @ChrisO

    Susan Quinn: You might think I am overreacting to her nomination

    Not one bit. Thanks, Susan.

    • #30