Joe Biden’s Russian-educated nominee for Comptroller of the Currency has previously called for eliminating private bank accounts in America. Saule Omarova is a law professor at Cornell University and attended college in Moscow on a “Vladimir Lenin Scholarship.”
An advocate for significant systemic changes in the American financial system, her nomination is pending before the Senate. A primary function of the Comptroller of the Currency is oversight of the country’s banking system.
In a speech this March, Omarova said that there should be “no more private bank accounts,” and all personal and business deposit accounts should be held “directly at the Fed.” At the time, she was commenting on the practical outcome of ideas. She set out on a transformation of the U.S. financial system.
Omarova said that the “thought experiment” of having the Fed hold all deposit accounts has “fascinating implications.” Her academic work calls for structural changes that would “radically redefine” what the central bank does to generate and allocate financial resources in a “democratic economy.” The concept was referred to as the “People’s Ledger.”
She proposed “ending banking as we know it” through her conceived reforms. She has been accused by Senate Republicans considering her appointment of removing her undergraduate thesis work from the internet.
Sen. Pat Toomey (R-PA) has asked her for a copy of her paper, titled “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital.” Toomey called Omarova’s work “very, very radical” and said he has never seen a more radical candidate for “any regulatory spot in our federal government.”
Last week, a White House spokesperson said that Omarova is “eminently qualified” with a “lifetime of work on financial regulation” as a leading academic in the field. The statement said that the Biden administration “continues to support her historic nomination strongly.”
At least one Democratic senator has expressed doubts about the nomination. Sen. John Tester (D-MT) said that some of her statements “raise real concerns” about her ability to serve impartially.
Concerning the American fossil fuel industry, Omarova has said that she wants to “starve” them of capital and that “we want them to go bankrupt” to “tackle” climate change.
Biden nominee Saule Omarova saying the quiet part out loud. On the oil, coal and gas industries:
"We want them to go bankrupt if we want to tackle climate change." pic.twitter.com/luMR2HEMK9
— BidenNoms, A Project of AAF (@bidennoms) November 9, 2021