Saule Omarova, who has said she wants to “end banking as we know it,” will be tapped by the Biden admin to run the Office of the Comptroller of the Currency as soon as this week. She received her undergraduate degree at Moscow State University and immigrated to the US in 1991, two years after graduating in Moscow.
It’s a barely mentioned but critical appointment.
The Hill opinion contributor Kristen Tate writes, it signals a “direction of poor fiscal policy, even bleeding into the nominally non-political Federal Reserve, and the various ways the federal government could gain control of Americans’ banking and spending habits.”
The Feds were supposed to shield us from the government but they actually have become a repository of bad ideas. It is also becoming a rogue fourth branch of government.
WE MIGHT END UP WITH ONE BANK — THE OPAQUE FEDERAL RESERVE
“The Cornell Law School professor is sharply anti-Wall Street – in place of stricter oversight, she also desires private sector banking to be the purview of the Federal Reserve,” Tate writes.
It’s a huge step towards central planning and will possibly transform the banking system making the Reserve our only bank.
Such a massive transformation would be accomplished by replacing consumer deposits into a new digital dollar, held by the Fed. AND, in her own words, “radically reshaping the basic architecture and dynamics of modern finance,” according to Tate.
She wants the government to control the Reserve which would take over private banking. The government would know everything the common man does in relation to banking and they could tax it ad infinitum.
It could ban funds related to cryptocurrency, bar people who disagree with them from access to their money, and they could repeat and magnify errors of the past such as the Community Reinvestment Act, when trillions of dollars were poured into subprime and other risky mortgages to balance racial and economic inequalities.
The socialist/communist organization, The American Prospect, claims the fears are unwarranted. According to them, Wall Street is just worried about their derivative business.
The nominee has already said she wants to move consumer banking to the Federal Reserve from private institutions, as Bloomberg reports.
The Kazakh-American nominee loves regulations too much.
Wall Street supports the Democrats so what’s in it for them? This isn’t. Perhaps she won’t make it through the nomination process.
Her big pluses are she’s Kazakh, a socialist, and a woman, both of which are irrelevant but that’s what Democrats are making important thanks to their dangerous ideology.
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