No more private bank accounts, Comptroller of the Currency nominee Omarova

Ron Paul Forums has not only the statement by Saule Omarova, Biden’s nominee for Comptroller of the Currency, he has the video too.  Before going any further your Irascible Correspondent observes that the Lets Go Brandon regime has some kind of angel in Central Casting.  Omarova was born in Russia and has the face and bearing of a typically grim and humorless Soviet commissar.  Is it any wonder that she is pushing for full blown Communism?

Saule Omarova, President Joe Biden’s nominee for the Office of the Comptroller of the Currency (OCC), called during a March 2021 virtual conference to eliminate all private bank accounts and deposits.

Omarova spoke at the Law and Political Economy (LPE) Project’s “Law & Political Economy: Democracy Beyond Neoliberalism” conference in March.

Omarova discussed one of her papers, “The People’s Ledger How to Democratize Money and Finance the Economy,” which would help “redesign” the financial system and make the economy “more equitable for everyone.”

She said it would change the “private-public power balance” and democratize finance to a more systemic level.

During her explanation of her paper, she said that the Federal Reserve, the nation’s central bank, can only use “indirect levers” to “induce private banks to increase their lending.”

Her paper calls for eliminating all banks and transferring all bank deposits to “FedAccounts” at the Federal Reserve.

During her conference speech, she said, “There will be no more private bank accounts, and all of the deposit accounts will be held directly at the Fed”:

Her bit begins at about 33.30.

Because that is what this proposal is, full blown Communism where private property is eliminated and the State owns and controls the entire economy, including the producers and consumers themselves.  Essentially human beings would be transitioned from being autonomous individuals and citizens to being assets and liabilities of the State.

Omarova said her proposal would give the Fed more “proactive” monetary policy tools, such as “helicopter money.” She also pondered how the Federal Reserve could “take money” from Americans during an inflationary environment.

A former senior government official told Breitbart News that if the Senate were to confirm Omarova, she would have the “most powerful, least accountable” position over America’s banking system.

When talking about FedAccounts, the former senior government official said, “The Democratic Party over the last couple of administrations, they want the government to essentially take over a lot of financial functions from banks.”

Omarova’s radical views led to 21 state financial officers calling for Biden to withdraw Omarova’s nomination for the U.S. comptroller.

They likely won’t, but it is not likely that the Senate would confirm her.  I hope.

Stalin would be proud.  It would be dangerous not to agree, Comrade.


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