by George Rasley
Every so often we receive a comment to the effect that we are paranoid and should stop seeing a Communist under every bed, however, it appears that based on the views expressed by Prof. Saule Omarova, President Biden’s nominee for Comptroller of the Currency, our concerns about the takeover of the Democratic Party by Socialists and Communists have received some very solid confirmation.
Indeed, Omarova is so far out in Communism’s Left Field that Janet Yellen, Biden’s Treasury secretary (a garden variety liberal Democrat) raised concerns about her taking the post.
And Secretary Yellin’s concerns are amply justified.
In 2019, Omarova posted to Twitter in support of the “old USSR” where there was “no gender pay gap.” She attempted to do damage control after being criticized for it, but failed to fully condemn the Soviet Union.
And as the Wall Street Journal noted in a recent op-ed, “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.”
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, noted the WSJ.
Ms. Omarova believes capital and credit should be directed by an unaccountable bureaucracy and intelligentsia, observed the Editors of the Wall Street Journal. 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.”
Sen. Pat Toomey (R-PA), the ranking member on the Senate Banking Committee, said he had “serious reservations about her nomination,” reported the New York Post.
“Ms. Omarova has called for ‘radically reshaping the basic architecture and dynamics of modern finance’ including nationalizing retail banking and having the Federal Reserve allocate credit,” he said in a statement.
“She has also advocated for ‘effectively end[ing] banking as we know it.’ In light of these, and other extreme leftist ideas, I have serious reservations about her nomination.”
Rep. Patrick McHenry (NC-10), top Republican member of the House Financial Services Committee, also shared reservations, calling out Biden for “placating his radical base” with the nomination.
“President Biden is once again placating his radical base by nominating Saule Omarova as the head of the OCC,” McHenry said. “I am concerned Professor Omarova will prioritize a progressive social agenda over the core mission of the OCC — supervising and managing risk in our financial system.”
“Our financial regulators must focus on pro-growth policies that foster innovation to build a robust and inclusive economic recovery, rather than Democrats’ obsession with vague social objectives,” reported the New York Post’s Callie Patteson.
Lest you think Prof. Saule Omarova is a one-off Leftwing whacko who might “make even Bernie Sanders blush,” she’s not.
Recall that when Democrats rammed through the creation of the Consumer Financial Protection Bureau as part of the Dodd–Frank then-law professor Elizabeth Warren advocated many of the same things, and it should surprise no one that now-Senator Elizabeth Warren is all for Prof. Omarova.
“She is an excellent choice to oversee and regulate the activities of our nation’s largest banks and I have no doubt she’ll be a fearless champion for consumers,” Warren said in a Facebook statement reported by Ms. Patteson.
Senate Banking Committee Chair Sen. Sherrod Brown (D-Ohio) also praised Omarova’s “experience” as a “policymaker, in the private sector, and in academia,” urging his colleagues to support the nomination.
“Her experience as a policymaker, in the private sector, and in academia will allow her to work with stakeholders across our financial system to ensure the economy works for everyone, and to protect our economic recovery from the risky activities of Wall Street and other bad actors,” Brown said.
“I call on my colleagues on the Banking and Housing Committee to support this historic nominee to this position critical to our economy,” said Senator Brown.
Prof. Saule Omarova, President Biden’s nominee for Comptroller of the Currency, is a dyed-in-the-wool Soviet Communist who has no business teaching American law students, let alone supervising the Nation’s banks. It is hard to imagine why, other than to undermine American constitutional government, she even emigrated here in the first place. No Republican Senator should vote in favor of her confirmation and any Democrat who does not want to own voting a Communist into one of the most powerful economic positions in our government when they next face the voters should also vote NO.
The toll-free Capitol Switchboard (1-866-220-0044), call today and tell your Senators to vote NO on the confirmation of Communist Saule Omarova, President Biden’s nominee for Comptroller of the Currency.
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George Rasley is the ConservativeHQ Editor.
Photo “Saule Omarova” by Saule Omarova.