Biden’s Soviet-raised pick for Treasury post sought end to banking ‘as we know it’

From NY Post.com (Sept. 30, 2021):

President Biden’s controversial pick to be the Treasury Department’s comptroller of the currency is a USSR-born and educated professor who has praised the former Soviet Union’s lack of a gender pay gap while recently advocating for ending banking “as we know it” by moving Americans’ finances from private banks to the Federal Reserve.

Saule Omarova, a Cornell University law professor, was tapped by the president Sept. 23 to oversee the nation’s biggest banks and federal savings associations, with the White House calling her “one of the country’s leading academic experts on issues related to regulation of systemic risk and structural trends in financial markets.”

If approved, Omarova would be the first female and non-white person in the position.

Her nomination has sparked criticism from Republicans, who say she is seeking to “radically reshaping the basic architecture and dynamics of modern finance” — and reportedly Janet Yellen, Biden’s Treasury secretary raised concerns about her taking the post.

In an early 2021 paper titled “The People’s Ledger,” Omarova argued for making private banks “non-depository lenders,” changing banking “as we know it.”

“Banks, in other words, will not be ‘special’ any more,” she wrote, advocating for separating their lending function from their monetary function.

“Once banks lose their “special” status and entity-based access to the public subsidy, they will inevitably lose their appeal as potential acquisition targets for other financial institutions,” she added. [read more]

Even though she withdrew her nomination, it’s scary that note-card Joe (or someone on his staff—who knows) would pick such a radical nominee. But he feels he has to appease the far-Left. So there will be other radical picks.