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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.
Published in Politics
Thanks, Chris. In a way, I wish I were . . .
They can fix whatever is wrong with the program. All they require is more money and more power. Why does it only work out in that direction? Shouldn’t they find from time to time a solution that actually requires less?
Do you remember that ownership society crap in the early 2000s? 43 literally had ACORN at the White House to get all the poor people levered up with homes because asset inflation was the only way you were going to make it. Then 2008 happened. Now behold this tweet. Beverly is a Chicago lawyer.
It’s not going to work. They should have backed off on everything 30 years ago.
(D) voters assume the IRS will only access registered (R) voters bank accounts ….. WRONG!!!
There are many who argue that the financiers dictate the politics and (with few short-term exceptions) have always done so. Governments are merely players on the field.
I watch videos about this all the time. I post them. Nobody gets it.
In simplest terms, conservative and libertarian policies cannot work or sell when you have a discretionary monetary policy and a government and financial system that requires inflation.
People always go on and on about Ronald Reagan. He was very serious about getting rid of the Fed dual mandate so they were just concentrate on keeping inflation at zero. It would helped a lot if Republicans would have followed up. The Fed dual mandate is nothing but Socialism that works predictably bad. We are living it right now.
Right now, the guy that makes the best videos about this stuff is Luke Gromen. Watch any interview.
FTFY
You’ve been really humorous lately.