Biden Nominates Soviet Communist Anti-Bank Professor To Manage Our Banks

OPINION | This article contains political commentary which reflects the author's opinion.

Biden has nominated a USSR-loving communist who hates banks to regulate America’s banks. That’s where we are now. The President nominating communists.

The Wall Street Journal editorial board just published a scathing article about it, starting off by accurately saying,

“President Biden checked off another progressive identity box last week by nominating Saule Omarova as Comptroller of the Currency.”

Hey, at least it’s the most diverse administration ever, right?

If you’re wondering who Saule Omarova really is, here are some fabulous bits the WSJ dug up.

“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.”

She’s essentially a communist who was educated in a communist system, which education was made possible by a scholarship named after a communist dictator, and who intends to perpetuate communism. And of course, she’s a Cornell University law school professor. Big shocker.

If you can even believe it, she actually posted on Twitter,

“Say what you will about old USSR, there was no gender pay gap there.”

Sure, there was the gulag for people who dared to say or do things the tyrannical dictators didn’t appreciate, no private property ownership, no personal freedoms, constant fear for your own life and the lives of your family, rampant abject poverty… but hey, no gender pay gap!

She’s also literally said that she wants to “end banking” as we know it, and thinks we should follow in the footsteps of Venezuela and China. Which is why she was the obvious choice to Biden to control our banking institutions.

“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.”

Right. Let’s emulate two communist countries (one of which is essentially decimated) where most of the people live in poverty, routinely fear for their lives, and only have what their violent and tyrannical dictators permit them to have. The recent American Rescue Plan Act change to the 1099k requirements that call for government tracking of private aggregated transactions totaling just $600 is well on the way to exactly this kind of communism.

But the nightmare continues with her plans for how the financial dealings of the people should be micromanaged.

“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. 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.’”

Wow. So, she wants to gather a team of (presumably communist) academics (pretty much exactly what she is, and certainly not hard to find in current academia), then pay them a ton of money (presumably taxpayer money), require no accountability or supervision whatsoever, and give them carte blanche to do whatever they want in order to inspect and regulate every aspect of your financial dealings. What could possibly go wrong.

And this is the person Biden proposes should supervise approximately 1,200 banks and financial institutions, and have far-reaching power to punish or restrict them.

But hey, most diverse administration ever.

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