{"id":934807,"date":"2021-10-28T22:13:42","date_gmt":"2021-10-29T02:13:42","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=934807"},"modified":"2021-10-28T22:13:43","modified_gmt":"2021-10-29T02:13:43","slug":"has-joe-biden-really-nominated-a-marxist-to-regulate-our-banks","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/has-joe-biden-really-nominated-a-marxist-to-regulate-our-banks\/","title":{"rendered":"Has Joe Biden Really Nominated A Marxist To Regulate Our Banks?"},"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%2Fhas-joe-biden-really-nominated-a-marxist-to-regulate-our-banks%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=934807&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><\/div>\n<ul>\n<li><strong>President Joe Biden\u2019s nominee for the Office of the Comptroller of the Currency within the Treasury Department has been criticized recently after reports of her alleged Marxist ties and policies to overhaul the banking industry.<\/strong><\/li>\n<li><strong>\u201cThe financial services industry, in my view, and I don\u2019t think I\u2019m alone here, is the quintessential asshole industry,\u201d Saule Omarova said in the documentary titled \u201cAssholes: A Theory.\u201d<\/strong><\/li>\n<li><strong>Omarova has proposed a \u201csystematic democratization of finance\u201d and seeks a system where American citizens have government bank accounts with the Federal Reserve that would \u201cfully replace- rather than compete with- private bank deposits.\u201d<\/strong><\/li>\n<li><strong>\u201cWhat\u2019s shocking to me is the notion that a person nominated for a very high position in our government shouldn\u2019t be accountable for the things they have advocated for in writing themselves,\u201d Republican Pennslyvania Sen. Pat Toomey said.<\/strong><\/li>\n<li><strong>Senate Democrats have also voiced their concern for Omarova\u2019s nomination. Montana Sen.&nbsp;<a href=\"https:\/\/dailycaller.com\/2020\/12\/16\/message-flawed-jon-tester-democrats-failure-2020-elections-schumer-ocasio-cortez-farmer\/\" target=\"_blank\" rel=\"noopener noreferrer\">Jon Tester<\/a> said he had \u201cconcerns\u201d about the nominee after outlining her policies in The Peoples Ledger, Politico <a href=\"https:\/\/www.politico.com\/news\/2021\/10\/19\/democrats-omarova-bank-pick-516250\">reported<\/a>.<\/strong><\/li>\n<\/ul>\n<p>President Joe Biden\u2019s nominee for a top regulatory post within the Treasury Department has been heavily criticized after reports of her alleged Marxist ties and policies to overhaul the banking industry were made public, raising concerns among bipartisan senators.<\/p>\n<p>Saule Omarova, a Cornell Law School professor and current nominee for the Office of the Comptroller of the Currency, has been recently criticized for her past writings on Marxism, which called for an overhaul of America\u2019s current banking industry and advocating for extreme regulation policies within the Federal Reserve.<\/p>\n<p>Omarova, who was born in the Soviet Union and graduated from Moscow State University in 1989, praised the now-defunct socialist government for its lack of a \u201cgender pay gap\u201d in 2019.<\/p>\n<p>\u201cUntil I came to the US, I couldn\u2019t imagine that things like gender pay gap still existed in today\u2019s world,\u201d Omarova wrote in a <a href=\"https:\/\/dailycaller.com\/2021\/10\/20\/quintessential-ahole-industry-biden-treasury-nominee-financial-service-jobs\/\">tweet<\/a> in 2019. \u201cSay what you will about old USSR, there was no gender pay gap there. Markets don\u2019t always \u2018know best.&#8217;\u201d<\/p>\n<p>Omarova was also <a href=\"https:\/\/dailycaller.com\/2021\/10\/20\/quintessential-ahole-industry-biden-treasury-nominee-financial-service-jobs\/\" target=\"_blank\" rel=\"noopener noreferrer\">quoted<\/a> in a 2019 Canadian documentary where she called the financial services sector an \u201casshole industry.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" readability=\"5.9060402684564\">\n<p dir=\"ltr\" lang=\"en\">The left wants everyone to ignore what Saule Omarova believes. <a href=\"https:\/\/t.co\/D1lTTTAPWT\">https:\/\/t.co\/D1lTTTAPWT<\/a><\/p>\n<p>\u2014 Wall Street Journal Opinion (@WSJopinion) <a href=\"https:\/\/twitter.com\/WSJopinion\/status\/1452674654754201604?ref_src=twsrc%5Etfw\">October 25, 2021<\/a> <\/p>\n<\/blockquote>\n<p>\u201cThe financial services industry, in my view, and I don\u2019t think I\u2019m alone here, is the quintessential asshole industry,\u201d Omarova said in the documentary <a href=\"https:\/\/assholesatheory.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">titled<\/a> \u201cAssholes: A Theory.\u201d<\/p>\n<p>While attending Moscow State University on the \u201cV.I. Lenin Personal Academic Scholarship,\u201d Omarova reportedly wrote a thesis on Marxism titled \u201cKarl Marx\u2019s Economic Analysis and the Theory of Revolution,\u201d the Daily Caller News Foundation <a href=\"https:\/\/dailycaller.com\/2021\/10\/14\/saule-omarova-office-of-the-comptroller-of-the-currency-marxism\/\">reported<\/a>.&nbsp; Republican Pennsylvania&nbsp; Sen. Pat Toomey, ranking member of the Senate Banking Committee, sent a letter to Omarova <a href=\"https:\/\/www.banking.senate.gov\/newsroom\/minority\/toomey-calls-on-omarova-to-turn-over-her-moscow-state-thesis-on-marxism\">demanding<\/a> her to turn over the thesis by Oct. 13, which she has still yet to do.<\/p>\n<p>In the book titled \u201cThe Seven Sins of Wall Street: Big Banks, Their Washington Lackeys, and the Next Financial Crisis,\u201d Omarova was <a href=\"https:\/\/www.google.com\/books\/edition\/The_Seven_Sins_of_Wall_Street\/PrspAgAAQBAJ?hl=en&amp;gbpv=1&amp;dq=%E2%80%9CI+became+disillusioned+with+official+Soviet+ideology+because+of+Karl+Marx%E2%80%9D&amp;pg=PT72&amp;printsec=frontcover\">quoted<\/a> praising Marxism, saying how it altered her world views.<strong>&nbsp;<\/strong><\/p>\n<blockquote class=\"twitter-tweet\" readability=\"10.978658536585\">\n<p dir=\"ltr\" lang=\"en\">Saule Omarova\u2019s supporters believe she will be tough on the big banks and fin tech. Many of her opponents apparently believe the same thing.<\/p>\n<p>\u201cNo wonder they are willing to say seemingly anything to make her go away,\u201d <a href=\"https:\/\/twitter.com\/helaineolen?ref_src=twsrc%5Etfw\">@HelaineOlen<\/a> writes <a href=\"https:\/\/t.co\/FbEamvtZRm\">https:\/\/t.co\/FbEamvtZRm<\/a><\/p>\n<p>\u2014 Washington Post Opinions (@PostOpinions) <a href=\"https:\/\/twitter.com\/PostOpinions\/status\/1452041902740713485?ref_src=twsrc%5Etfw\">October 23, 2021<\/a> <\/p>\n<\/blockquote>\n<p>\u201cWithin the first year, my world changed,\u201d Omarova said. \u201cI became disillusioned with official Soviet ideology because of Karl Marx,\u201d Omarova said in the book.<\/p>\n<p>\u201cI was in the Soviet Union, where there was no academic freedom, and this was a mandatory assigned topic. What I wrote in that paper has nothing to do with what I believe in now,\u201d Omarova told the Financial Times during an <a href=\"https:\/\/www.ft.com\/content\/b6f25404-480f-4a0b-9f65-ee80af442ba7\" target=\"_blank\" rel=\"noopener noreferrer\">interview<\/a>.<\/p>\n<p>In an October 2020 paper titled \u201c<a href=\"https:\/\/lpeproject.org\/wp-content\/uploads\/2021\/01\/Peoples.Ledger.DRAFT_.pdf\">The People\u2019s Ledger<\/a>,\u201d Omarova outlined a plan for \u201creshaping the basic architecture and dynamics of modern finance\u201d that will \u201c\u2018end banking,\u2019 as we know it.\u201d<\/p>\n<p>Omarova\u2019s proposal argues for a \u201csystematic democratization of finance\u201d and seeks a system where American citizens have government bank accounts with the Federal Reserve that would \u201cfully replace\u2014rather than compete with\u2014private bank deposits.\u201d<\/p>\n<p>She also advocated for a \u201cdigital dollar,\u201d the \u201cconcurrent migration of all transaction deposit accounts from private banks to the Federal Reserve.\u201d Omarova also approved of new policies that would allow \u201chelicopter drops\u201d of money into bank accounts to improve welfare redistribution and allow the federal government advice on price control and interest rates.<\/p>\n<p>Omarova opposed cryptocurrencies, <a href=\"https:\/\/twitter.com\/STOmarova\/status\/1352694720401723392?s=20\">praising<\/a> China\u2019s strict <a href=\"https:\/\/dailycaller.com\/2021\/09\/24\/china-cryptocurrency-tom-emmer-cynthia-lummis\/\" target=\"_blank\" rel=\"noopener noreferrer\">regulations<\/a> over the asset. <strong><a href=\"https:\/\/dailycaller.com\/2021\/10\/26\/treasury-department-hires-counselor-racial-equity-janis-bowdler-janet-yellen\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Treasury Department Hires First-Ever\u2019 Counselor For Racial Equity\u2019)<\/a><\/strong><\/p>\n<p>Senate Democrats have also voiced their concern for Omarova\u2019s nomination. Montana Democratic Sen. <a href=\"https:\/\/dailycaller.com\/2020\/12\/16\/message-flawed-jon-tester-democrats-failure-2020-elections-schumer-ocasio-cortez-farmer\/\" target=\"_blank\" rel=\"noopener noreferrer\">Jon Tester<\/a> said he had \u201cconcerns\u201d for the nominee after outlining her policies in The People\u2019s Ledger, Politico <a href=\"https:\/\/www.politico.com\/news\/2021\/10\/19\/democrats-omarova-bank-pick-516250\">reported<\/a>.<\/p>\n<p>\u201cWhat\u2019s shocking to me is the notion that a person nominated for a very high position in our government shouldn\u2019t be accountable for the things they have advocated for in writing themselves,\u201d Toomey said in a Senate <a href=\"https:\/\/www.banking.senate.gov\/hearings\/09\/30\/2021\/nomination-hearing\">hearing<\/a> on Oct. 7. He <a href=\"https:\/\/dailycaller.com\/2021\/10\/14\/saule-omarova-office-of-the-comptroller-of-the-currency-marxism\/\">added<\/a> that he had never \u201cseen a more radical choice for any regulatory spot in our federal government.\u201d<\/p>\n<p>Republican Montana Sen. Steve Daines told the Daily Caller News Foundation that Omarova\u2019s policies disqualify her from the nomination and asked Tester to pull his support.<\/p>\n<p>\u201cBiden\u2019s pick for the nation\u2019s top banking regulator proves just how far left this Administration is willing to go. Omarova\u2019s radical past and support of communist ideals is incredibly troubling,\u201d Daines told the DCNF. \u201cShe is clearly out of step with Montana, and I hope the senior Senator from Montana will also oppose her nomination.\u201d<\/p>\n<p>Omarova\u2019s defenders accused Toomey of a \u201cred scare McCarthyism\u201d campaign because she is a woman of color and an immigrant, <a href=\"https:\/\/www.huffpost.com\/entry\/saule-omarova-occ-nominee_n_61670f2ae4b0fcd00f98f503?vio\">according<\/a> to the Huffington Post. <a href=\"https:\/\/dailycaller.com\/2021\/10\/22\/us-budget-deficit-2-trillion-last-years-record\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>(RELATED: US Budget Deficit Hits $2.77 Trillion)<\/strong><\/a><\/p>\n<p>\u201cBefore today, I thought red scare McCarthyism was rightly relegated to the dustbin of history,\u201d Democratic Ohio Sen. Sherrod Brown <a href=\"https:\/\/www.brown.senate.gov\/newsroom\/press\/release\/brown-toomey-omarova\">said<\/a> in a statement on Oct. 6. \u201cAny American citizen who fled communist repression\u2014 whether it be FDIC Chair Jelena McWilliams or OCC nominee Saule Omarova \u2014 should be lauded for their courage and conviction.\u201d<\/p>\n<p>\u201cThey\u2019re doing that because she\u2019s a woman, an immigrant and she\u2019s a woman of color,\u201d Tracey Lewis, senior climate financial advisor at the consumer watchdog nonprofit Public Citizen said, according to the Huffington Post.<\/p>\n<p>The Office of the Comptroller of the Currency \u201ccharters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks,\u201d <a href=\"https:\/\/www.occ.gov\/about\/index-about.html\">according<\/a> to the Office of the Comptroller of the Currency website.<\/p>\n<p>Before becoming a law professor, Omarova practiced law in the financial institutions group of the New York law firm Davis, Polk &amp; Wardwell, specializing in corporate transactions and financial regulation, according to the Cornell Law <a href=\"https:\/\/www.lawschool.cornell.edu\/faculty-research\/faculty-directory\/saule-omarova\/\">website<\/a>. She served at the <a href=\"https:\/\/dailycaller.com\/2021\/10\/14\/lawrence-summers-federal-reserve-inflation-woke-economy\/\" target=\"_blank\" rel=\"noopener noreferrer\">U.S. Department of Treasury<\/a> under former President George W. Bush as a special advisor for regulatory policy.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden\u2019s nominee for the Office of the Comptroller of the Currency within the Treasury Department has been criticized recently after reports of her alleged Marxist ties and policies &#8230;<\/p>\n","protected":false},"author":1,"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-934807","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\/934807","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=934807"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/934807\/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=934807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=934807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=934807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}