{"id":1007508,"date":"2021-11-13T13:43:34","date_gmt":"2021-11-13T18:43:34","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1007508"},"modified":"2021-11-13T13:43:35","modified_gmt":"2021-11-13T18:43:35","slug":"watch-bidens-banking-nominee-calls-to-eliminate-all-private-bank-accounts","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/watch-bidens-banking-nominee-calls-to-eliminate-all-private-bank-accounts\/","title":{"rendered":"WATCH: Biden&#039;s Banking Nominee Calls to Eliminate All &#039;Private Bank Accounts&#039;"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwatch-bidens-banking-nominee-calls-to-eliminate-all-private-bank-accounts%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1007508&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/imgonline-com-ua-FrameBlurred-ezFeATluG0xgGhqk-640x335-1.png\" class=\"ff-og-image-inserted\" \/><\/div>\n<p class=\"subheading\">Saule Omarova, President Joe Biden\u2019s nominee for the Office of the Comptroller of the Currency (OCC), called during a March 2021 virtual conference to eliminate all private bank accounts and deposits.<\/p>\n<p>Omarova spoke at the Law and Political Economy (LPE) Project\u2019s \u201cLaw &amp; Political Economy: Democracy Beyond Neoliberalism\u201d conference in March.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>Omarova discussed one of her papers, \u201cThe People\u2019s Ledger How to Democratize Money and Finance the Economy,\u201d which would <a href=\"https:\/\/lpeproject.org\/wp-content\/uploads\/2021\/01\/Peoples.Ledger.DRAFT_.pdf\">help<\/a> \u201credesign\u201d the financial system and make the economy \u201cmore equitable for everyone.\u201d<\/p>\n<p>She said it would change the \u201cprivate-public power balance\u201d and democratize finance to a more systemic level.<\/p>\n<p>During her explanation of her paper, she said that the Federal Reserve, the nation\u2019s central bank, can only use \u201cindirect levers\u201d to \u201cinduce private banks to increase their lending.\u201d<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>Her paper calls for eliminating all banks and transferring all bank deposits to \u201cFedAccounts\u201d at the Federal Reserve.<\/p>\n<p>During her conference speech, she said, \u201cThere will be no more private bank accounts, and all of the deposit accounts will be held directly at the Fed\u201d:<\/p>\n<p>\n<iframe loading=\"lazy\" title=\"LPE Conference: LPE &amp; Macro\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/u7TFHfLRYS0?start=2329&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/p>\n<p>Omarova said her proposal would give the Fed more \u201cproactive\u201d monetary policy tools, such as \u201chelicopter money.\u201d She also pondered how the Federal Reserve could \u201ctake money\u201d from Americans during an inflationary environment.<\/p>\n<p>A former senior government official <a href=\"https:\/\/www.breitbart.com\/politics\/2021\/11\/09\/biden-banking-nominee-would-have-most-powerful-least-accountable-position-over-cryptocurrencies-banking\/\">told<\/a> Breitbart News that if the Senate were to confirm Omarova, she would have the \u201cmost powerful, least accountable\u201d position over America\u2019s banking system.<\/p>\n<figure id=\"M-ROS-B3\" class=\"a8d adSo\"><\/figure>\n<p>When talking about FedAccounts, the former senior government official said, \u201cThe Democratic Party over the last couple of administrations, they want the government to essentially take over a lot of financial functions from banks.\u201d<\/p>\n<p>Omarova\u2019s radical views led to 21 state financial officers calling for Biden to withdraw Omarova\u2019s nomination for the U.S. comptroller:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\" readability=\"6.7083333333333\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: 21 state financial officers call on Biden to withdraw Omarova nomination for U.S. Comptroller.<a href=\"https:\/\/twitter.com\/NeTreasurer?ref_src=twsrc%5Etfw\">@NeTreasurer<\/a> <a href=\"https:\/\/t.co\/3S7o15MF62\">pic.twitter.com\/3S7o15MF62<\/a><\/p>\n<p>\u2014 State Financial Officers Foundation (@SFOF_States) <a href=\"https:\/\/twitter.com\/SFOF_States\/status\/1459139528875257859?ref_src=twsrc%5Etfw\">November 12, 2021<\/a><\/p>\n<\/blockquote>\n<p>The LPE <a href=\"https:\/\/lpeproject.org\/about\/\">serves<\/a> as a platform to discuss:<\/p>\n<blockquote readability=\"13\">\n<p>the role of law and legal discourse in the creation and maintenance of capitalism and in mediating tensions between capitalist order and democratic self-rule. Scholars in our network work to <strong>understand the relationship between market supremacy and&nbsp; racial, gender, and economic injustice;<\/strong> to articulate the relationship between capitalism and devaluation of social and ecological reproduction; and to explore the distinctive ways that law gives shape to and legitimates neoliberal capitalism, ranging from dynamics of financialization to the relation between the carceral state and capitalism. We also seek to offer concrete legal reforms designed to move beyond neoliberalism and toward a genuinely responsive, egalitarian democracy, with critical attention to the need for power and movement-building as part of any such transformation. [Emphasis added]\n<\/blockquote>\n<p>Republicans have already moved to oppose Omarova\u2019s nomination.<\/p>\n<p>Sen. Steve Daines (R-MT) <a href=\"https:\/\/www.breitbart.com\/politics\/2021\/10\/27\/exclusive-sen-steve-daines-biden-banking-regulator-nominees-support-of-communist-ideals-disqualifies-her\/\">said<\/a> Omarova\u2019s support of Communist ideals\u201d disqualifies her for the position.<\/p>\n<p>\u201cRepublicans will overwhelmingly oppose this self-described radical,\u201d Sen. Pat Toomey (R-PA) told Axios.<\/p>\n<p><i>Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter&nbsp;<\/i><a href=\"https:\/\/twitter.com\/SeanMoran3\"><i>@SeanMoran3<\/i><\/a><i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saule Omarova, President Joe Biden\u2019s nominee for the Office of the Comptroller of the Currency (OCC), called during a March 2021 virtual conference to eliminate all private bank accounts and &#8230;<\/p>\n","protected":false},"author":38,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1007508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1007508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1007508"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1007508\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1007508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1007508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1007508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}