Joe Biden’s war against liberty marched another step forward recently when he made Saule Omarova, a woman who hates free market banks but loves communism, his nominee for the job of as Comptroller of the Currency — a position where she would supervise over 1200 financial institutions.
Omarova’s love for communism runs so deep that she wants to eliminate the free-market banks she’s being appointed to regulate (excerpts below taken from an op-ed published by Wall Street Journal):
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. Market doesn’t always ‘know best,’” she tweeted in 2019.
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.
In a recent paper “The People’s Ledger,” she proposed that the Federal Reserve take over consumer bank deposits, “effectively ‘end banking,’ as we know it,” and become “the ultimate public platform for generating, modulating, and allocating financial resources in a modern economy.” She’d also like the U.S. to create a central bank digital currency—as Venezuela and China are doing—to “redesign our financial system & turn Fed’s balance sheet into a true ‘People’s Ledger,’” she tweeted this summer.
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.” (emphasis added)
If Biden’s nominee for Comptroller of the Currency is confirmed, Omarova will be a perfect complement to his overall agenda of giving government complete control over our ability to buy and sell.
For example, under Biden’s financial surveillance plan that I refer to as the Patriot Act for the IRS, Biden, Treasury Secretary Janet Yellen — the person Saule Omarova will report to if confirmed — and key Capitol Hill allies such as Sen. Elizabeth Warren are pushing a vast, intrusive financial surveillance system in the name of closing the “tax gap.”
In reality, Biden’s plan will empower the government to track every noncash financial transaction — from a restaurant meal to a PayPal transfer to a friend — and automatically report it to a beefed-up, audit-hungry IRS.
Omarova’s goal of creating a central bank digital currency is another disconcerting aspect of Biden’s embrace of the far-left’s anti-free market communism-loving agenda.
Based on recent revelations about a plan by the Bank of Canada to create a digital currency to be used by people with or without a bank account, a digital currency could be a stepping stone to giving government full control over our ability to buy and sell by eliminating the use of cash to create a fully cashless society.
If the Big Brother duopoly were to merge digital currency with other government-controlled services, say . . . vaccine passports and digital IDs — programs already growing in popularity in response to COVID — all of the pieces would be in place to create a social credit system like the one already in use in Communist China to control citizens.
In China, data on the political, financial, religious (and many other areas) of citizens is collected via an elaborate tracking system, and then fed into a central database to create a “social credit score” to be used to reward or punish citizens. Those with a high score are able to participate freely in society while those with a low score are prohibited from traveling, borrowing money, keeping a job, or even getting their children into school.
From our computers and cell phones to our bank accounts, nothing has been off limits when it comes to Big Brother’s unquenchable thirst for more power over our daily lives — a situation made even worse in the Age of COVID tyranny.
Biden’s nominee for Comptroller of the Currency is good news for lovers of communism, but bad news for the free market. If Saule Omarova is confirmed, she will serve as another reminder of the lengths politicians in both parties are willing to go to destroy liberty for the benefit of the state and its agenda . . . Constitution be damned!
To quote the WSJ op-ed: “Omarova is the wrong nominee for the wrong industry in the wrong country in the wrong century.”
Now, more than ever, we need to fight and take back the liberty we’ve lost so that America can return to the principles of our founding: limited government, fiscal, social, and constitutional conservatism, family values, traditional marriage, and Judeo-Christian values.
David Leach is the owner of the Strident Conservative. He holds people of every political stripe accountable for their failure to uphold conservative values, and he promotes those values instead of political parties.