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Fototeca Gilardi/Getty Images President Joe Biden recently nominated Cornell University law professor Saule Omarova to a key Treasury Department position. Ahead of her testimony before Congress on Thursday, experts are warning that her confirmation would be disastrous for the American financial system.
As The Daily Wire has previously reported, Omarova — a Kazakh-American who graduated from Moscow State University in 1989 — was tapped by Biden to serve as Comptroller of the Currency, which “charters, regulates, and supervises all national banks.”
Omarova’s nomination originally made waves after the discovery of posts displaying apparent sympathy toward the fallen Soviet Union and its alleged gender equality. Omarova has also called for the bankruptcy of oil and gas companies to fight climate change, argued for the Federal Reserve to manage consumer bank deposits, and drafted a thesis entitled “Karl Marx’s Economic Analysis and the Theory of Revolution in Das Kapital ” during her college years.
In an interview with The Daily Wire, Norbert Michel — who directs the Cato Institute’s Center for Monetary and Financial Alternatives — said that Omarova’s confirmation would effectively federalize the American banking sector.
The Comptroller of the Currency, according to Michel, is “the main federal regulator for federally chartered banks.” Beyond sitting on the boards of the Federal Deposit Insurance Corporation and the Financial Stability Oversight Council, the Comptroller “has enormous discretion to direct banking activity through examination and enforcement actions, including which types of customers banks lend to.”
If she becomes Comptroller of the Currency, Omarova and other officials would have the power to “be allocating credit and funds” — deciding “who gets loans and straight transfers of money” — by putting money into people’s accounts or taking money out of their accounts, Michel added. Under her plan, “the private sector could not compete with the federal government.”
“The danger is that private banks would not be able to provide better interest rates to customers and charge lower rates to make loans,” Michel explained. “It would be a matter of policy that decided private banks’ fate.”
Omarova’s path to confirmation is by no means straightforward. Moderate Democratic lawmakers such as Sens. Jon Tester […]
One Sick Day Proves We Need More Voices in Truthful Media
On October 19, I was sick. It crossed my mind that I had finally gotten the ‘rona, but my wife’s cream of chicken soup and a few extra hours of sleep into mid-afternoon had be back up and running after a sleepless night before.
When I finally stumbled over to my computer in the evening, I was met with a deluge of concern from readers. They asked what had happened as only one article had been posted that day. Generally, we post between 10-20 daily between all of the sites, not included curated and aggregated content. Seeing that we’d only posted my super-early morning article before taking the rest of the day off had readers assuming the worst.
We have a wonderful and talented group of writers who volunteer their time for the sites and their readers. Sharing their amazing perspectives has always been a blessing to us because we cannot afford to hire anyone at this time. But having great writers is meaningless if we don’t have great editors, or at least one additional. My wife helps me read and edit stories from time to time, but I’m a one-man show when it comes to getting the stories posted.
Whenever I highlight our desperate need for donations, I note that we do not receive money from Google ads even though most in conservative media are beholden. I often ambiguously note that the money donated will help us grow. Today, I’m highlighting a specific need. We must get an editor to help take some of the load and to expand on our mission of spreading the truth to the world. One sick day proved that.
The great news is that there is no shortage of people who CAN help. I am emailed variations of resumes every week by people who are much smarter than I am. As much as I’d love to hire some of them, we simply cannot. That takes money and as blessed as we’ve been to receive donations and collect ad money (though not from Google or Facebook), we have still fallen short.
Those who have the means, PLEASE consider donating. We have the standard Giving Fuel option and people can donate through PayPal. We are also diving into what we believe is extremely disruptive technology at LetsGo.finance, the world’s first major donation portal for crypto. I’ll be talking a lot more about them in the near future. Those who prefer Bitcoin can send to my address here: 3A1ELVhGgrwrypwTJhPwnaTVGmuqyQrMB8
We can get the voices out there and we’re willing to shine a spotlight on new talent. We just need the resources to make it happen. If you can help, we would be extremely grateful.
Thank you and God bless!