LFC Comments: Let’s Go Brandon!
WATCH: Biden’s Banking Nominee Calls to Eliminate All ‘Private Bank Accounts’
SEAN MORAN 13 Nov 2021
Excerpts from the article:
Saule Omarova, President Joe Biden’s nominee for the Office of the Comptroller of the Currency (OCC), called during a March 2021 virtual conference to eliminate all private bank accounts and deposits.
Omarova spoke at the Law and Political Economy (LPE) Project’s “Law & Political Economy: Democracy Beyond Neoliberalism” conference in March.
Omarova discussed one of her papers, “The People’s Ledger How to Democratize Money and Finance the Economy,” which would help “redesign” the financial system and make the economy “more equitable for everyone.”
She said it would change the “private-public power balance” and democratize finance to a more systemic level.
During her explanation of her paper, she said that the Federal Reserve, the nation’s central bank, can only use “indirect levers” to “induce private banks to increase their lending.”
Her paper calls for eliminating all banks and transferring all bank deposits to “FedAccounts” at the Federal Reserve.
During her conference speech, she said, “There will be no more private bank accounts, and all of the deposit accounts will be held directly at the Fed”:
When talking about FedAccounts, the former senior government official said, “The Democratic Party over the last couple of administrations, they want the government to essentially take over a lot of financial functions from banks.”
Omarova’s radical views led to 21 state financial officers calling for Biden to withdraw Omarova’s nomination for the U.S. comptroller:
Republicans have already moved to oppose Omarova’s nomination.
Sen. Steve Daines (R-MT) said Omarova’s support of Communist ideals” disqualifies her for the position.
“Republicans will overwhelmingly oppose this self-described radical,” Sen. Pat Toomey (R-PA) told Axios.
Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter @SeanMoran3.
Categories: National News