ThinkCivics News
An educated citizenry is a vital requisite
for our survival as a free people.
Join ThinkCivics+
  • Culture & Society
  • Economy
  • Health
  • US News
  • Faith
  • Science & Tech
  • World News
No Result
View All Result
ThinkCivics News
  • Culture & Society
  • Economy
  • Health
  • US News
  • Faith
  • Science & Tech
  • World News
Join ThinkCivics+
No Result
View All Result
ThinkCivics News
Join TC+
Home Economy

Meet the Biden Nominee Who’s Sympathetic to Soviet-Era Socialism—and Wants the Fed to Pretty Much Take Over Private Banking

Saule Omarova openly admits that her proposed reforms 'will effectively end banking as we know it.'

FEE.org by FEE.org
October 27, 2021
in Economy
Reading Time: 4 mins read
0
0
Meet the Biden Nominee Who’s Sympathetic to Soviet-Era Socialism—and Wants the Fed to Pretty Much Take Over Private Banking

Image Credit: YouTube Screenshot, CNBC

Many of President Biden’s nominees have been quietly confirmed without much of a fight. But the president’s nominee for Comptroller of the Currency, Saule Omarova, is drawing backlash for her extreme economic views. Republican Senator Pat Toomey, a staunch fiscal conservative, said he has “[n]ever seen a more radical choice for any regulatory spot in our federal government.” 

What’s prompting the unusual level of pushback on this nomination for a top regulatory position?

Well, Omarova has an unusual educational and ideological background that, in conjunction with her many public statements, suggests she is sympathetic to—if not outright supportive of—the state-run economic model that dominated the former Soviet Union where she grew up. Omarova attended Moscow State University on the “VI Lenin Personal Academic Scholarship,” authoring a thesis on Marxist thought that she has so far declined to provide to the Senate Banking Committee. 

This educational background in and of itself shouldn’t be disqualifying—many, like myself, studied at Marxist or far-left universities yet actually came to appreciate the importance of free markets as a result. But Omarova appears to have learned all the wrong lessons from her personal and academic experiences in the Soviet Union.

“Until I came to the US, I couldn’t imagine that things like gender pay gap still existed in today’s world,” Omarova wrote in a 2019 tweet. “Say what you will about old USSR, there was no gender pay gap there. Market doesn’t always ‘know best.’”

She soon backed away from the remark, however.

“I never claimed women and men were treated absolutely equally in every facet of Soviet life,” she said in a follow-up tweet, after many Twitter users pointed out the many ways women, and all people, were oppressed in the Soviet Union. “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!”

That’s right: Forget the gulags, economic stagnation, shortages, and political oppression—Omarova still believes the former Soviet economy is a model for the US, at least in some ways. Perhaps most disturbingly, one of those ways Omarova favors the Soviet system is banking: the very sector she’s nominated to oversee.

In her past work, Omarova has endorsed radical proposals for government control and regulation of the banking sector. In a paper entitled The People’s Ledger, she argues for a “systematic democratization of finance” where citizens have government bank accounts with the Federal Reserve that “fully replace—rather than compete with— private bank deposits.” Omarova openly admits that her “proposed reform will effectively ‘end banking’ as we know it.”

She argues for the issuance of a “digital dollar” and “concurrent migration of all transaction deposit accounts from private banks to the Federal Reserve.” The nominee says that this would allow the federal government to better administer welfare redistribution schemes via “helicopter drops” of money into bank accounts and allow the government to better control economy-wide interest rates. 

Omarova also argues that having the government take over private banking would allow the Federal Reserve to “take a more direct and proactive role in allocating credit to productive economic enterprise,” including by attempting to control “systemically important prices.” 

Simply put, she would have detached, unaccountable bureaucrats at the Federal Reserve try to plan economic investment and attempt to set key prices. This is a 21st century, technocratic scheme that embodies, not repudiates, the failed socialist economy Omarova escaped in the Soviet Union.

Omarova’s defenders argue that the nominee is the victim of a “xenophobic, McCarthy-like campaign” because she is an “immigrant woman of color” who threatens the interests of Wall Street. So, let me be clear: Neither her immigrant background nor identity characteristics have any bearing on her suitability for nomination as Comptroller of the Currency. 

Yet those Americans who favor free markets and cherish the capitalist system that has brought us unprecedented wealth and living standards have every right to be concerned by this nominee. Omarova’s clear sympathy for parts of the failed, repressive Soviet regime, support for a de facto nationalization of private banking, and dangerous desire to expand the federal role in planning our economy are utterly disqualifying for such an important regulatory role.

Brad Polumbo

Brad Polumbo

Brad Polumbo (@Brad_Polumbo) is a libertarian-conservative journalist and Policy Correspondent at the Foundation for Economic Education.

This article was originally published on FEE.org. Read the original article.

FEE.org

The Foundation for Economic Education (FEE) is a 501(c)3 educational foundation and has been trusted by parents and teachers since 1946 to captivate and inspire tomorrow’s leaders with sound economic principles and the entrepreneurial spirit with free online courses, top-rated in-person seminars, free books for classrooms, as well as relevant and worldly daily online content.

fee.org
Tags: Federal governmentJoe BidenMoney and BankingSocialismSoviet Union

Related Posts

Karine Jean-Pierre Throws Hissy Fit at Jeff Bezos for Blasting Bidenomics

Karine Jean-Pierre Throws Hissy Fit at Jeff Bezos for Blasting Bidenomics

July 3, 2022
“It Is Very Serious”: War And Weather Threaten To Send Food Prices Even Higher

“It Is Very Serious”: War And Weather Threaten To Send Food Prices Even Higher

July 1, 2022

Report: Americans’ Retirement Accounts Have Lost Trillions – TRILLIONS – In 2022

June 26, 2022

Last year’s July 4th Tweet From The White House Doesn’t Age Well About Biden’s Policies

June 23, 2022
Load More
Next Post

Biden’s State Department Announces New ‘X’ Gender Passports While Americans Stranded In Afghanistan

Biden to Dems: “The entire Biden presidency will be decided in the next couple of days”

Biden to Dems: "The entire Biden presidency will be decided in the next couple of days"

Sinema, Manchin play along: “We’ve made significant progress” — but …

Sinema, Manchin play along: "We've made significant progress" -- but ...

TODAY'S TOP STORIES

  • Watch As Angry Man Confronts Climate Activist For Blocking The Road

    Watch As Angry Man Confronts Climate Activist For Blocking The Road

    0 shares
    Share 0 Tweet 0
  • Viral video shows Portland man lashing out at liberal white woman over traffic incident

    0 shares
    Share 0 Tweet 0
  • Loudoun County Superintendent Accidentally Says the Quiet Part About “Indoctrination” Aloud

    0 shares
    Share 0 Tweet 0
  • DeSantis Fires Back After Gavin Newsom’s Pathetic Anti-Florida Ad Is Revealed

    0 shares
    Share 0 Tweet 0
  • Protesters block, attack truck and horse trailer, driver runs them over

    0 shares
    Share 0 Tweet 0

‘Zero Trust in Our Government’: Spouse of WNBA Player Jailed in Russia Blasts Biden Administration

by ThinkCivics Newswire
June 22, 2022
0
‘Zero Trust in Our Government’: Spouse of WNBA Player Jailed in Russia Blasts Biden Administration
National Security

Joe Biden's ineptitude knows no bounds. As Obama famously said, "Don't underestimate Joe's ability to f*ck things up." So it's...

Read more

State Dept ‘racial equity’ czar said white colleagues too ‘protective of US, lack ‘humility, empathy’

by ThinkCivics Newswire
June 21, 2022
0
State Dept ‘racial equity’ czar said white colleagues too ‘protective of US, lack ‘humility, empathy’
National Security

A 2020 podcast episode with Desirée Cormier Smith resurfaced after the U.S. State Department appointed her on Friday to serve...

Read more

More countries looking at nuclear weapons programs because of Russia

by Hot Air
June 21, 2022
0
More countries looking at nuclear weapons programs because of Russia
National Security

Over the past year, we have seen multiple nations including the United States conducting tests of their nuclear-capable weapons delivery...

Read more

22 Democrats who voted against extra security for SCOTUS justices approved it for themselves after Jan 6

by ThinkCivics Newswire
June 15, 2022
0
22 Democrats who voted against extra security for SCOTUS justices approved it for themselves after Jan 6
National Security

Ahead of the highly anticipated decision that could overturn Roe v Wade, the House passed a bill on Tuesday to...

Read more
Karine Jean-Pierre Throws Hissy Fit at Jeff Bezos for Blasting Bidenomics
Economy

Karine Jean-Pierre Throws Hissy Fit at Jeff Bezos for Blasting Bidenomics

by RedState
July 3, 2022
0

Welp, this one started out bad — and quickly swirled down the White House personal-attack toilet. Zillionaire Amazon founder and...

Read more
“It Is Very Serious”: War And Weather Threaten To Send Food Prices Even Higher
Economy

“It Is Very Serious”: War And Weather Threaten To Send Food Prices Even Higher

by Zero Hedge
July 1, 2022
0

US agriculture executives are warning that war and extreme weather have put global food supplies in danger as skyrocketing food...

Read more
Report: Americans’ Retirement Accounts Have Lost Trillions – TRILLIONS – In 2022
Economy

Report: Americans’ Retirement Accounts Have Lost Trillions – TRILLIONS – In 2022

by The Political Insider
June 26, 2022
0

As if day-to-day living expenses weren’t depressing enough, a quick peek at your 401(k) statements might prove to be too...

Read more
Last year’s July 4th Tweet From The White House Doesn’t Age Well About Biden’s Policies
Economy

Last year’s July 4th Tweet From The White House Doesn’t Age Well About Biden’s Policies

by ThinkCivics News Staff
June 23, 2022
0

Last year, the White House tweeted one of the most famous tweets of all time. Prices for gas and groceries...

Read more
Facebook Twitter RSS

Brilliantly

SAFE!

thinkcivics.com

Content & Links

Verified by Sur.ly

2022

Recent News

  • The 2024 GOP Ticket That Will Win in Key Swing States
  • Karine Jean-Pierre Throws Hissy Fit at Jeff Bezos for Blasting Bidenomics
  • DeSantis Fires Back After Gavin Newsom’s Pathetic Anti-Florida Ad Is Revealed

Category

  • Culture & Society
  • Economy
  • Editorials
  • Education
  • Elections
  • Energy
  • Environment
  • Faith
  • Health
  • Immigration
  • Military
  • National Security
  • Politics
  • Science & Tech
  • US News
  • Videos
  • World News

© 2022 ThinkCivics Media. All Rights Reserved.

  • Login
  • Sign Up
  • Cart
No Result
View All Result
  • Home
  • About
  • Store
  • Contact Us
  • Join
  • Contribute

© 2022 ThinkCivics Media. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.