Biden’s radical candidate for currency controller faces bipartisan opposition – HotAir

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Joe Biden has appointed Saule Omarova as the controller of the currency. His story is so radical that some Democrats are starting to talk about their concerns about moving forward with the nomination.

At the end of September, the Wall Street newspaper published an article on Omarova’s appointment. What emerges is its Marxist history. According to her, the Soviet economic system is superior to any other. If only women in the United States had generous maternity benefits.

Cornell University law professor’s radical ideas could make even Bernie Sanders blush. She graduated from Moscow State University in 1989 with the Lenin Personal Academic Scholarship. Thirty years later, he still believes that the Soviet economic system was superior and that the US banking system should be remade in the image of the Gosbank.

“Until I arrived in the United States, I could not imagine that things like the gender pay gap still exist in the world today. Say what you like about the old USSR, there was no gender pay gap there. The market doesn’t always “know best”, “she tweeted in 2019. After Twitter users criticized her ignorance, she added a caveat:” I never claimed that women and men were treated absolutely equal in every respect. of Soviet life. But people’s salaries were set (by the state) blindly to gender. And all the women received very generous maternity benefits. Both are still a pipe dream in our society! “

It envisions a centralized banking industry – it wants to expand the Federal Reserve’s mandate to include the price levels of “systemically important financial assets” as well as workers’ wages. He suggests that “the Federal Reserve will take over consumer bank deposits”, effectively “end banking” as we know it, “and become” the ultimate public platform for generating, modulating and allocating financial resources. in a modern economy. “How is all that sound? He wants to do away with the banks, the a lot sector her job requires her to supervise. He would oversee 1200 financial institutions.

Ms. Omarova believes that capital and credit should be directed by an irresponsible bureaucracy and intelligentsia. He recommended a “National Investment Authority”, with members overseen by an advisory board of academics, to fund a “big and bold” climate agenda. It looks like the green infrastructure bank rejected by the Senate.

It would also want a politically and structurally independent “Council of Public Interest” of “highly paid” academics with broad subpoena power to oversee financial regulatory agencies, including the Fed. The Council, he explained, would not be subject to the ” constraints and requirements of the administrative process “. The Ivy League professors know this best.

Why would Joe Biden agree to appoint a Marxist who studied in Moscow? Saule Omarova is a Kazakh-American lawyer, a self-styled Marxist academic. The WSJ suggests that Biden appointed her to appease his party’s progressive wing as he plans to reconfirm Jerome Powell as Fed chairman.

In 2019 she joined a Facebook group entitled “Marxist Analysis and Politics”. It’s not like he’d hide who he is or what he believes in. An exception could be his thesis on the Moscow State University on Marxism. Senator Pat Toomey asks you to turn it over to the Banking Committee. It hasn’t happened so far. He has experience working in the Treasury Department under former President George W. Bush, scary as it is to read.

Republicans appear to agree to block his appointment by voting against. The more it comes out about her, the more support she loses, even among Democrats. He wants to “starve” the oil and gas industry. Recently, in May, he spoke with a virtual forum on the move to green infrastructure projects. He said, “the way we basically get rid of those carbon lenders is to deprive them of their sources of capital.”

The Biden administration is determined to destroy the fossil fuel industry. This is an interesting approach to the energy shortage and economic crisis in this country. Omarova seems to have the impression that the United States is ready to switch to 100% green energy, as many on the far left believe. The United States is decades away from such a reduction in the use of fossil fuels, but climate change alarmists refuse to accept the reality. This is the Biden administration’s push for banks to lend with climate risk management in at least

Left-wing environmental groups have praised Omarova’s appointment, saying it will help fund investments in oil and gas projects. The Sierra Club said Omarova will fight “climate chaos” and set up “guardrails against Wall Street’s risky investments in fossil fuels.” Biden has faced criticism due to rising gas prices for closing oil and gas pipelines in the United States. The administration killed the Keystone XL pipeline, which allegedly transported oil from Canada. At the same time, Biden eased sanctions against a Russian pipeline that observers fear could be used to advance Russian President Vladimir Putin’s influence over Europe.

Omarova argued in May that her idea of ​​a “National Investment Authority” is necessary to thwart Democrats like Joe Manchin that she Trashed for not having voted in harmony with his party.

The purpose of the authority, which would be a government institution independent of Congress and the president, would be to direct public and private investment towards “vital infrastructure and the real economy”. Part of the reason it is needed, Omarova said at the round table, are members of Congress such as Manchin, DW.Va., who oppose the government’s massive spending programs.

“It’s okay when, if we have a strong majority in Congress and we’re sure Congress will fund everything we need, but we can never be sure,” he said.

“People like Joe Manchin, for example – they should be on the side of the Democrats – and yet they feel very uncomfortable with big spending ideas, right?” Omarova continued. “To integrate that kind of fiscal constraint and politically binding spending, we need to make sure we have a strong public institution that is able to leverage the abundant private capital that exists and push it in the right direction.”

Senate Banking Commission member Jon Tester (D-MT) is voicing reluctance to support it. “Some of Ms. Omarova’s past statements about the government’s role in the financial system raise real concerns about her ability to serve impartially in the Office of the Currency Controller, and I can’t wait to meet her to discuss them,” Tester said. at FOX Business on Tuesday.

Omarova’s colleague Bob Hockett, co-author of their National Investment Authority white paper, is playing the role of wingman for her. He chased after Senator Sinema, also a member of the Senate Banking Commission along with Manchin. Hockett argues that the two senators cannot be counted on to vote with the other Democrats.

The White House is don’t back down, at least not yet. Perhaps Omarova is meant to tick another identity box – previously declared a Marxist in a democratic administration.

“Saule Omarova is eminently qualified and has been appointed to this role due to her working life in the field of financial regulation, including in the private sector, in government and as a leading academic in the sector. The White House continues to strongly support his historic appointment, “a White House official said.

Fortunately, due to a power-sharing agreement in the Senate, committees are evenly divided along party lines. The no of any Democratic senator can end his nomination coming out of the committee. We hope that happens. Joe Biden is dangerously incompetent. His appointment must be stopped.

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