Pres. Biden’s comptroller nominee wants to eliminate all private bank accounts

President Joe Biden continues to try to stack his administration with some of the most radical leftists that he can find. One of the latest is Saule Omarova, Biden’s nominee for the Office of the Comptroller of Currency (OCC).

According to Breitbart, Omarova, just recently, called for the elimination of all private bank accounts and deposits. 

It’s true

Omarova did so at the Law and Political Economy Project’s “Law & Political Economy: Democracy Beyond Neoliberalism” conference, which was held in March of this year.

There, she spoke about a paper that she wrote, titled, “The People’s Ledger How to Democratize Money and Finance the Economy.” The paper, more or less, is Omarova’s vision for the United States’s financial system, and her claim is that her vision would make the economy “more equitable for everyone.”

At one point during her speech, Omarova said: “There will be no more private bank accounts, and all of the deposit accounts will be held directly at the Fed,” referring to the Federal Reserve.

From there, Omarova talked about some of the tools that she would give to the Federal Reserve, such as “helicopter money.” This is described by the Corporate Finance Institute as “an unconventional monetary policy tool of printing large sums of money (expanding money supply) and distributing it to the public to spur economic growth during a recession.”

The backlash

After some of Omarova’s views were discovered, the financial officers of 21 states called upon President Biden to withdraw Omarova’s nomination.

“SFOF state leaders are opposed to Ms. Omarova because of her radical views and have a deep concern that she would abuse her supervisory power as Comptroller to expand political control over the private banking sector, disrupting the economy,” their letter reads.

In addition, a number of Republican members of Congress have also voiced their opposition to Omarova.

Sen. Steve Daines (R-MT), for example, accused Omarova of supporting “Communist ideals,” while Sen. Pat Toomey (R-PA) said that “Republicans will overwhelmingly oppose this self-described radical.”

Don’t expect any of this to slow Biden down, though.

We have already seen some pretty radical nominees get confirmed to different positions in his administration. This one would be up there with some of the worst.

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