Home Forums Hunting & Shooting Hunter's Campfire Biden nominates socialist as Comproller of the Currency

Comptroller of the Economy

Biden’s nominee to regulate banks really, really hates . . . banks.
Wall Street Journal Editorial Board

Sept. 29, 2021 6:49 pm ET

President Biden checked off another progressive identity box last week by nominating Saule Omarova as Comptroller of the Currency. Some Trump appointees were ridiculed for having supported the elimination of their agencies. 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. After Twitter users criticized her ignorance, she added a caveat: “I never claimed women and men were treated absolutely equally in every facet of Soviet life. But people’s salaries were set (by the state) in a gender-blind manner. And all women got very generous maternity benefits. Both things are still a pipe dream in our society!” Sure, there was a Gulag, and no private property, but maternity benefits!

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. As they like to say at the modern university, from each according to her ability to each according to her needs.

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. What could possibly go wrong?

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.

As comptroller, Ms. Omarova would supervise some 1,200 financial institutions. While she couldn’t enact her People’s Agenda without legislation, she would have sweeping powers to punish banks that don’t follow her diktats. Recall how financial regulators during the Obama Presidency pressured banks to cut off credit to pay-day lenders.

Our sources say the President nominated Ms. Omarova over the objections of Treasury Secretary Janet Yellen, to whom the comptroller reports. One theory for this bizarre nomination is that Mr. Biden is trying to appease progressives because he plans to reappoint Jerome Powell as Fed chairman. Democratic Senators have rubber-stamped all but a few of Mr. Biden’s nominees, but Ms. Omarova is the wrong nominee for the wrong industry in the wrong country in the wrong century.

Well well well,

ain't that sumthin?

Surprising is what it's not though.

Scary times ahead

Biden is on a driven mission to destroy what's left of this country & its economy as fast as he can.

Things cannot go on as they are & getting worse, for very long...................wait 'til the coming acute shortages & double digit inflation really start to hit home here in the next 3-4 months.

MM

The DemoRat’s want to finish off what’s left of Thump’s Economy The greatest Economy in America’s history.

They want a bigger crash than the Great Depression. Once they control your bank account and money is worthless, they figure it’ll be easy to convert Americans into “good” Commie Socialists.

If Biden’s Illegal Occupation of the White House is not stopped, America is doomed. 😡

Yep. Beat me too it. Make no mistake about it.

It's not a pretty picture & I'm not looking forward to much, that's for damn sure.

MM

Yep.

Shortly after Biden stole office, I was pointing to November.

We'll see.

Gas topped $3.00 per gallon here in N TX today for the first time since that Traitorous POS The Halfican occupied the WH
It’ll be $5.00 by next year. 😡

Oh well...what does another commie in your government mean really...seriously...you can still own firearms and are still allowed to post on the internet.

Cheer up, with the new vaccine mandates you will be fine.

^^^^^^^^^^^+

Fixed yur typo for ya.



And, here's a wee factoid for ya, too.

Vaccine mandates don't mean schit to a tree.



You're sounding a wee bit jealous, Mr. Stuart.

You should cheer up, too. You can still demonstrate in the street, even while your tippy-tops are talking about your New World Order and having cawps beating your neighbors for not wearing masks..



Shouldn't have given up those guns so easy, my friend. You might gonna need some soon..

Chyner don't like you, either.

Have you seen any of their jets yet?

The time is coming, when you don’t have tangible items,… it’s gunna be worthless.

Joey gets told who to rubber stamp.....


Honk for Joey.....

I remember pictures of Soviet women carrying ties on the track gang. The equal pay was accomplished by lowering mens wages. I still have never known of a job where there was a wage difference for the SAME work.

In machine shop I worked with 3 dykes. One would not ask for help with heavy lifting (I am a smaller man and had to ask too), one would ask for help, and one refused to believe me about taking up backlash and destroyed an expensive custom spiral broach.

Of your Constitution...HELL YES, of course I am!


But what I don't understand is why you lot are throwing it away.

Too many refuse to accept that Jews should be expelled from the country.

Mostly up to boomers who've fallen for their propaganda. Luckily they were weak parents, so as they die out the likelihood that we will be able to extricate ourselves from this situation increases. I had high hopes for COVID, but it hasn't delivered as well as we needed.

Obama is on a mission. Biden is totally brain dead.

Laziness and apathy.

It’s no more complex than that.

You forgot stupidity & outright ignorance as well.

More than half the country fits that mold.

MM