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Biden’s Soviet-loving pick for top Treasury post wants to end banking ‘as we know it’

October 1, 2021 | | Print Article

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President Joe Biden’s nominee for Comptroller of the Currency is reportedly a far-left zealot who idolizes the Soviet Union and envisions centralizing America’s financial institutions under the thumb of the federal government.

Cornell University law professor Saule Omarova’s radicalism is concerning because the office she’d manage, the Office of the Comptroller of the Currency (OCC), “charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks.”

According to a profile of her penned this week by the editorial board of The Wall Street Journal, her radicalism began early, as demonstrated by her graduating from Moscow State University on the Lenin Personal Academic Scholarship in 1989.

Lenin as in Vladimir Lenin, the Marxist known for killing an estimated three million people, according to Europe’s leading “conservative” movement, the European Conservatives and Reformists (ECR) Party.

“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,” the Journal’s profile continues.

The proof lies in her stunning tweets, including this one from 2019:

In the tweet above, she praised the Soviet regime for allegedly having “no gender pay gap.”

When called out at the time for her radicalism, she doubled down:

The Journal’s editorial board sarcastically frames her tweets as her basically saying, “Sure, there was a Gulag, and no private property, but maternity benefits!”

But even more frightening than her love of Soviet governance is her desire to centralize America’s financial institutions so that all financial transactions can be controlled and directed by the federal government.

“Ms. Omarova thinks asset prices, pay scales, capital and credit should be dictated by the federal government. In two papers, she has advocated expanding the Federal Reserve’s mandate to include the price levels of ‘systemically important financial assets’ as well as worker wages,” according to the Journal.

In a paper published just last year titled “The People’s Ledger,” she bluntly called for the federal government to commandeer all bank accounts and “effectively ‘end banking,’ as we know it.”

Her dystopian vision calls for making the federal bureaucracy “the ultimate public platform for generating, modulating, and allocating financial resources in a modern economy.”

The benefit of this centralization is that it’d make it easy for a Democrat administration to enact literally any far-left agenda it’d like.

For example, Omarova would like the federal government to use this proposed power to enact a “big and bold” climate agenda. Think the Green New Deal. And she’d like this proposed financial infrastructure to effectively be controlled by professors.

The Journal explains that she’d “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,” and to do so with no limitations.

“The Council, she explained, would not be subject to the ‘constraints and requirements of the administrative process.’ Ivy League professors know best,” the Journal notes.

The only good news is that the radical changes she seeks to implement “would not be easy to introduce from a post atop the O.C.C.,” according to The New York Times.

Moreover, even though she previously worked as a relatively low-level “policy adviser at the Treasury Department under President George W. Bush,” the country survived.

The problem is that with her post at the OCC, she’d be anything but low-level, and though her power would be capped, she could still engender a lot of damage, which is why both the banking industry and Treasury Secretary Janet Yellen are reportedly not feeling her nomination. Nor are Republicans, for that matter.

“Our sources say the President nominated Ms. Omarova over the objections of Treasury Secretary Janet Yellen, to whom the comptroller reports,” according to the Journal.

Meanwhile, Politico reports that Omarova’s nomination “is triggering intense anxiety among the [nation’s] lenders and their Washington lobbyists and threatens to set off a bruising battle in Congress.”

“We have serious concerns about her ideas for fundamentally restructuring the nation’s banking system, which remains the most diverse and competitive in the world,” American Bankers Association President and CEO Rob Nichols said to Politico.

It’s not clear why Biden keeps nominating such radicals to posts within the federal government. The going theory is that either he himself is secretly a radical, or his nomination decisions are being “handled” by someone else.

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Vivek Saxena
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