{"id":1022661,"date":"2021-11-17T09:14:11","date_gmt":"2021-11-17T14:14:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1022661"},"modified":"2021-11-17T09:14:16","modified_gmt":"2021-11-17T14:14:16","slug":"why-controversial-biden-nominee-saule-omarova-would-be-disastrous-as-a-key-treasury-official","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/why-controversial-biden-nominee-saule-omarova-would-be-disastrous-as-a-key-treasury-official\/","title":{"rendered":"Why Controversial Biden Nominee Saule Omarova Would Be Disastrous As A Key Treasury Official"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/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%2Fwhy-controversial-biden-nominee-saule-omarova-would-be-disastrous-as-a-key-treasury-official%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=1022661&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--><p>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.<\/p>\n<p>As The Daily Wire has previously reported, Omarova \u2014 a Kazakh-American who graduated from Moscow State University in 1989 \u2014 was tapped by Biden to serve as Comptroller of the Currency, which \u201ccharters, regulates, and supervises all national banks.\u201d<\/p>\n<p>Omarova\u2019s nomination originally made waves after the discovery of posts displaying apparent <a href=\"https:\/\/www.dailywire.com\/news\/biden-bank-regulator-nominee-say-what-you-will-about-old-ussr-there-was-no-gender-pay-gap\">sympathy<\/a> toward the fallen Soviet Union and its alleged gender equality. Omarova has also <a href=\"https:\/\/www.dailywire.com\/news\/key-biden-nominee-on-oil-companies-we-want-them-to-go-bankrupt-if-we-want-to-tackle-climate-change\">called<\/a> for the bankruptcy of oil and gas companies to fight climate change, <a href=\"https:\/\/www.campusreform.org\/article?id=18281\">argued<\/a> for the Federal Reserve to manage consumer bank deposits, and <a href=\"https:\/\/www.dailywire.com\/news\/biden-nominee-who-praised-soviet-unions-lack-of-gender-pay-gap-hasnt-turned-over-karl-marx-thesis-to-senate\">drafted<\/a> a thesis entitled \u201cKarl Marx\u2019s Economic Analysis and the Theory of Revolution in Das Kapital\u201d during her college years.<\/p>\n<p>In an interview with The Daily Wire, <a href=\"https:\/\/www.cato.org\/people\/norbert-michel\">Norbert Michel<\/a> \u2014 who directs the Cato Institute\u2019s Center for Monetary and Financial Alternatives \u2014 said that Omarova\u2019s confirmation would effectively federalize the American banking sector.<\/p>\n<p>The Comptroller of the Currency, according to Michel, is \u201cthe main federal regulator for federally chartered banks.\u201d Beyond sitting on the boards of the Federal Deposit Insurance Corporation and the Financial Stability Oversight Council, the Comptroller \u201chas enormous discretion to direct banking activity through examination and enforcement actions, including which types of customers banks lend to.\u201d<\/p>\n<p>If she becomes Comptroller of the Currency, Omarova and other officials would have the power to \u201cbe allocating credit and funds\u201d \u2014 deciding \u201cwho gets loans and straight transfers of money\u201d \u2014 by putting money into people\u2019s accounts or taking money out of their accounts, Michel added. Under her plan, \u201cthe private sector could not compete with the federal government.\u201d<\/p>\n<p>\u201cThe danger is that private banks would not be able to provide better interest rates to customers and charge lower rates to make loans,\u201d Michel explained. \u201cIt would be a matter of policy that decided private banks\u2019 fate.\u201d<\/p>\n<p>Omarova\u2019s path to confirmation is by no means straightforward. Moderate Democratic lawmakers such as Sens. Jon Tester (D-MT), Kyrsten Sinema (D-AZ), and Joe Manchin (D-WV) have expressed concern about Omarova.<\/p>\n<p>How may Omarova defend her nomination during her testimony? By spinning her beliefs as anti-big bank, but pro-small bank.<\/p>\n<p>\u201cIt\u2019s just spin, but she might try to do that,\u201d said Michel. \u201cMany of her writings make no distinction between bank size, and it is<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u2014 a Kazakh-American who graduated from Moscow State University in 1989 \u2014 was tapped by Biden to serve as Comptroller of the Currency, which \u201ccharters, regulates, and supervises all national banks.\u201dOmarova\u2019s 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 \u201cKarl Marx\u2019s Economic Analysis and the Theory of Revolution in Das Kapital\u201d during her college years.In an interview with The Daily Wire, Norbert Michel \u2014 who directs the Cato Institute\u2019s Center for Monetary and Financial Alternatives \u2014 said that Omarova\u2019s confirmation would effectively federalize the American banking sector.The Comptroller of the Currency, according to Michel, is \u201cthe main federal regulator for federally chartered banks.\u201d Beyond sitting on the boards of the Federal Deposit Insurance Corporation and the Financial Stability Oversight Council, the Comptroller \u201chas enormous discretion to direct banking activity through examination and enforcement actions, including which types of customers banks lend to.\u201dIf she becomes Comptroller of the Currency, Omarova and other officials would have the power to \u201cbe allocating credit and funds\u201d \u2014 deciding \u201cwho gets loans and straight transfers of money\u201d \u2014 by putting money into people\u2019s accounts or taking money out of their accounts, Michel added. Under her plan, \u201cthe private sector could not compete with the federal government.\u201d\u201cThe danger is that private banks would not be able to provide better interest rates to customers and charge lower rates to make loans,\u201d Michel explained. \u201cIt would be a matter of policy that decided private banks\u2019 fate.\u201dOmarova\u2019s path to confirmation is by no means straightforward. Moderate Democratic lawmakers such as Sens. Jon Tester (D-MT), Kyrsten Sinema (D-AZ), and Joe Manchin (D-WV) have expressed concern about Omarova.How may Omarova defend her nomination during her testimony? By spinning her beliefs as anti-big bank, but pro-small bank.\u201cIt\u2019s just spin, but she might try to do that,\u201d said Michel. \u201cMany of her writings make no distinction between bank size, and it is clear her policies would turn all private banks into state-run institutions.\u201dIn an earlier article about Omarova, Michel recommended: \u201cThe Senate should ask Omarova for examples of a society that has followed her approach and made more people better off than ones based on free enterprise. It is true that the free enterprise systems are not perfect, but the fact remains that there are countless examples of Omarova\u2019s preferred approach making millions of people miserable.\u201dThe Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"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-1022661","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\/1022661","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\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1022661"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1022661\/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=1022661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1022661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1022661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}