On September 23, 2021, Biden suggested a new Comptroller of the Currency – a Russian named Saule Omarova. Here’s what you need to know about her.
“The best way to destroy the capitalist system is to debauch the currency.” – Vladimir Lenin [source]
Saule Omarova was born in Russia in what is now the puppet state of Kazakhstan. While in Russia, she attended Moscow University on a scholarship named for Vladimir Lenin. [source] After writing her thesis, “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital,” Omarova graduated in 1989. [source]
Later, she moved to America, becoming a law professor at the University of North Carolina School of Law. She joined Cornell University in Ithaca, New York, in 2014. According to Cornell’s website, Omarova specializes in the “regulation of financial institutions, banking law, international finance, and corporate finance.” [source]
On Nov. 2, Saule Omarova’s nomination by Biden became formal, according to the Wall Street Journal. Now she must go through Congressional hearings regarding her suitability for the role of one of the top banking regulators in the country.
Saule Omarova’s academic work
Among Omarova’s publications, “The People’s Ledger: How to Democratize Money and Finance the Economy,” written for Vanderbilt Law Review, is of particular interest. Here, she argues all bank accounts should be in – what she terms – “FedAccounts” to be monitored by the Federal Reserve. [source]
From past tweets of hers, we know that she has praised the Soviet Union, with her most popular tweet stating, “Say what you will about old USSR, there was no gender pay gap there. Market doesn’t always ‘know best.'” [source]
Since her nomination to the position within the OCC as the Comptroller of the Currency (an office I don’t believe is helpful in the first place), Senator Pat Toomey asked her to turn over her thesis on Marxism to the Senate. She refused. Moscow University representatives stated the thesis was destroyed, and no copies of Omarova’s work existed within the university.
Are you proud of it or not, Omarova?
While it seems she was proud of her Marxist thesis in the past – having included it on her curriculum vitae at Cornell University as recently as April 2017 – it has since been removed. [source] In defense of her thesis, Omarova states, “I was in the Soviet Union, where there was no academic freedom, and this was a mandatory assigned topic.”
She went on to say, “What I wrote in that paper has nothing to do with what I believed in then or in what I believe in now.” [source] I find it interesting that she posted the paper to her curriculum vitae in the past if it contained information she didn’t believe.
Omarova joined a Facebook group for Marxists in 2019 called the Marxist Analysis and Policy (MAP). According to the page description, this is a “Marxist group” that is “a platform for analysis, policy, and polemics from the perspectives of a diverse range of Socialist and anti-capitalist views.” [source]
According to the policies she espouses, Omarova wants to “effectively end banking as we know it.”
Opposition to Biden’s nominee
Some members of both the Democratic Party and the Republicans have voiced concerns or negatively reacted to the nomination. For example, Senator Jon Tester (D) said, “I want to give her a fair shake, but I do have concerns.”
Senator Pat Toomey (R) of the State Banking Committee describes her as “the most radical nominee to a post in the federal government that he has ever seen.” [source]
The NY Times reports the most damaging reaction has been from the banks.
Across the board, banks and their trade groups, including the American Bankers Association, which counts the big banks among its members, and the Independent Community Bankers of America, which represents the smallest institutions, have been sounding alarms about Ms. Omarova.
Bankers usually take a reserved approach when reacting to proposed new regulators, so such pointed objections immediately after the White House announced its intention to nominate Ms. Omarova on September 23 are almost unheard of. And the united front displayed by all of the major trade groups is also unusual because the largest banks’ agendas are sometimes at odds with those of the smallest.
However, Elizabeth Warren believes that the nomination of Saule Omarova is “tremendous news.” [source]
A plan to centralize all banking in the US
If the plan is implemented, it would destroy community banking. Eventually forcing American’s to bank solely with the Federal Reserve. The federal government could then monitor all transactions. Furthermore, the plan could lead to an inability to receive or withdraw funds by people the government has labeled with a low social credit score.
“Centralization of credit in the hands of the State, by means of a national bank with State capital as an exclusive monopoly.”
– Karl Marx’s 5th communist plank, The Communist Manifesto
Saule Omarova also seems to distrust cryptocurrency. She believes that it allows banks to conduct activity outside of the scope of the Fed’s surveillance. For those invested heavily in cryptocurrencies such as Bitcoin, this could mean increased government crackdown and taxation.
What do you think about the nomination of Saule Omarova?
Do you think that Saule Omarova is a good choice for the Comptroller of the Currency? Are you concerned about some of the opinions she has espoused previously? Do you think she’ll make it through the Congressional hearings and be appointed to the role? If so, what do you feel will be most likely to affect us?
Share your thoughts in the comments.