Pro-Soviet Union Controller of Currency Nominee Withdraws Name
Biden’s top pick for controller of currency, Saule Omarova, has withdrawn her name from the list of nominees after receiving push back from Republicans and some moderate Democrats.
The New York Post said, “During her confirmation hearing in the Senate Banking Committee last month, lawmakers pointed to the Soviet born and raised Omarova’s academic papers proposing a shift away from consumer banking, by moving Americans’ finances from private banks to the Federal Reserve.”
Omarova is a professor from Cornell Law School, who studied at Moscow State University on a Vladimir Lenin scholarship and wrote her thesis on Karl Marx. Lawmakers discovered that Omarova withheld the thesis entitled “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital” from her White House application earlier this year.
Omarova once advocated for a Soviet-style centralized banking system and recently argued for a Federal Reserve takeover of consumer bank depositing, which would change banking ‘as we know it.’
Knowing the role of the Federal Reserve can help Americans understand the importance of protecting consumer banking, preserving free market capitalism and holding lawmakers accountable for passing legislation that aligns with the U.S. Constitution.
One investment resource describes the Federal Reserve System (FRS) as “the central bank of the United States and arguably the most powerful financial institution in the world. It was founded to provide the country with a safe, flexible, and stable monetary and financial system.”
The source continued, “A central bank is a financial institution given privileged control over the production and distribution of money and credit for a nation or a group of nations. In modern economics, the central bank is usually responsible for a formulation of monetary policy and the regulation of member banks.”
The FRS is not a federal agency; it has no affiliation with any branch of the federal government. The FRS is not a traditional bank with a currency reserve; its funding sources are not entirely known to the American public, and it is not insured against financial disasters (i.e. theft, bankruptcy, inflation, etc.).
The System exists as a regulator and printer of American dollars, as well as an issuer of loans with interest penalties. The federal government borrows from the FRS to fund public services and welfare programs, send foreign aid overseas, and back non-government organizations (NGOs) - NGOs are described as government independent, non-profits but are often the business front for politically active, special interest groups.
The loans and interest payments are largely funded by taxes collected from the American working/middle class. Federal government financial default occurs when the amount of borrowed funds and interest penalties exceed the amount collected from the nation’s internal revenue. Increasing taxes and raising the “debt ceiling” - asking the FRS to print more money - are predominant ways the government tries to offset the national debt.
Had Omarova been appointed the controller of currency, it’s possible she may have introduced bills and influenced policies to abolished the private financial sector. This would have resulted in the processing of all banking and investment transactions through the Federal Reserve System.
According to the New York Post, during closing remarks at Omarova’s confirmation hearing, Sen. Pat Toomey, R-Pa., said, “The idea that we would put a person with these [radical, socialist] views as the chief regulator of America’s national banks with enormous powers…is deeply disturbing and chilling.”