OPINION | This article contains commentary that reflects the author's opinion.
Joe Biden nominated Saule Omarova, who is described as a “literal communist” by her critics, to oversee U.S. banks.
Omarova has openly called for the elimination of all private bank accounts and deposits.
Even some Democrats cannot support her vision, according to reports.
Five Democratic senators will not support Biden’s radically leftist nominee Saule Omarova to head the Office of the Comptroller of the Currency.
This is expected to destroy her chances of being confirmed.
Her nomination would require at least 50 Democratic votes and the Democrats have only 50 votes in the U.S. Senate.
During a speech, she described her goals by explaining, “There will be no more private bank accounts, and all of the deposit accounts will be held directly at the Fed.”
Omarova’s central goal is to “redesign” the financial system and make the economy “more equitable for everyone.”
Instead of having private bank accounts, all bank deposits would be transferred to “FedAccounts” at the Federal Reserve, according to Omarova’s published papers on the issue.
This would change the “private-public power balance” and democratize finance to a more systemic level, she claims.
Omarova provided an explanation of her papers while speaking at the Law and Political Economy (LPE) Project’s “Law & Political Economy: Democracy Beyond Neoliberalism” conference in March.
Watch the clip:
Republicans oppose Omarova’s nomination so she made not successfully gain the position in power.
Senator Steve Daines criticized Omarova for supporting “Communist ideals.”
Daines says this disqualifies her for the position.
“Republicans will overwhelmingly oppose this self-described radical,” Sen. Pat Toomey said.
BREAKING: 21 state financial officers call on Biden to withdraw Omarova nomination for U.S. Comptroller.@NeTreasurer pic.twitter.com/3S7o15MF62
— State Financial Officers Foundation (@SFOF_States) November 12, 2021
From Daily Wire:
Axios reports, “In phone call on Wednesday, Sens. Jon Tester (D-Mont.) Mark Warner (D-Va.) and Kyrsten Sinema (D-Ariz.), all members of the Senate Banking Committee, told Sen. Sherrod Brown (D-Ohio) — the panel’s chairman — of their opposition. They’re joined in opposing her by Sens. John Hickenlooper (D-Colo.) and Mark Kelly (D-Ariz.).”
A White House official informed Axios that the Biden administration “continues to strongly support her historic nomination,” adding, “Saule Omarova is eminently qualified for this position. She has been treated unfairly since her nomination with unacceptable red-baiting from Republicans like it’s the McCarthy era.”
The Daily Wire noted that Omarova tweeted in 2019, “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.’”
On October 6, Sen. Pat Toomey (R-PA) asked Omarova to turn over her thesis completed at Moscow State University titled “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital.” He stated, “While it appears that you have deleted any reference to your thesis in the version of your curriculum vitae (CV) that is currently available on the Cornell Law School website, the paper appeared on your CV as recently as April 2017.”
