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Who is Saule Omarova, Biden's Comptroller of the Currency nominee whom he wants to “charter, regulate & supervise all national banks”? She is not a banker, but a Cornell Law School prof & 1989 Moscow State University grad on the Lenin Personal Academic Scholarship. The WSJ’s editorial board wrote about the Omarova nomination:
- 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.”
The woman, to be blunt, is an idiot:
- 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.
Is this some kind of joke? One is tempted to think so, but sadly, it isn’t.
The Democratic Party really has descended to the level of insanity where it wants to import Soviet ideas into the American banking system. Because they have been so successful, presumably.
FULL STORY