{"id":944765,"date":"2021-10-31T09:14:16","date_gmt":"2021-10-31T13:14:16","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=944765"},"modified":"2021-10-31T09:14:19","modified_gmt":"2021-10-31T13:14:19","slug":"bidens-banking-nominee-would-pursue-soviet-economics","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-banking-nominee-would-pursue-soviet-economics\/","title":{"rendered":"Biden\u2019s Banking Nominee Would Pursue Soviet Economics"},"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\">14<\/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%2Fbidens-banking-nominee-would-pursue-soviet-economics%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=944765&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>Magicians try to distract the audience from looking at one hand by dangling something shiny in the other. So do politicians.<\/p>\n<p>The left\u2019s latest magician: Saule Omarova, President Biden\u2019s nominee to head the Office of the Comptroller of the Currency. OCC is an important agency \u2014 it has power to regulate all national banks and federal savings associations. OCC\u2019s wrong moves negatively affect millions of Americans, making banking and other services more expensive and inaccessible, particularly for vulnerable, unbanked Americans.<\/p>\n<p>Rather than answer serious congressional inquiries about whether she&nbsp;is the right fit for OCC, Omarova has attacked duly-elected members of Congress whose voters empower them to serve their interests. By refusing to answer basic questions about her work and worldview, Omarova has obstructed the constitutionally prescribed legislative process.<\/p>\n<p>Born in Kazakhstan, a former Soviet republic, and educated at Moscow State University on the Lenin Personal Academic Scholarship, Omarova is a Cornell University law professor. America is a nation of immigrants who achieve the American dream through hard work and perseverance. Yet Omarova&nbsp;pulls her magician\u2019s shiny object, a \u201cxenophobic sexist\u201d label, as a cudgel against&nbsp;anyone who disagrees with her regulatory philosophy.<\/p>\n<p><a href=\"https:\/\/thefinanser.com\/2021\/10\/better-call-saule-bidens-choice-for-the-occ-creates-a-stir.html\/\">Omarova\u2019s self-expressed desire<\/a> to \u201cradically democratize access to money and control over financial flows in the nation\u2019s economy\u201d would be achieved by centralizing control over all financial institutions. She believes the federal government should <a href=\"https:\/\/www.banking.senate.gov\/newsroom\/minority\/toomey-criticizes-omarovas-plan-to-have-federal-government-set-price-controls\">determine asset prices, wages, capital, and more<\/a> \u2014 a move that would devastate American free enterprise and global competitiveness.<\/p>\n<p>Omarova has not just advocated for increased regulations on the financial industry but for unprecedented government intervention in the affairs and activities of financial institutions. Of the fledgling cryptocurrency market, Omarova says it\u2019s \u201c<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-22\/biden-to-tap-crypto-big-bank-critic-to-run-wall-street-watchdog\">benefiting mainly the dysfunctional financial system we already have<\/a>.\u201d<\/p>\n<p>Senate Banking Committee ranking member Pat Toomey (R-Pa.) sent a letter asking Omarova to submit a copy of her Moscow State University thesis, \u201cKarl Marx\u2019s Economic Analysis and the Theory of Revolution in The Capital,\u201d to allow the committee to fully assess her nomination (all nominees are required to submit materials and writings under the vetting process). Omarova rejected his request, blowing past his deadline. Such cavalier dismissiveness of constitutionally empowered inquiries is unprofessional and improper.<\/p>\n<p><a href=\"https:\/\/twitter.com\/STOmarova\/status\/1112387645882200064?s=20\">In a tone-deaf Tweet<\/a>, Omarova praised the failed Soviet regime that resulted in millions of deaths: \u201cSay what you will about old USSR, there was no gender pay gap there. Market doesn\u2019t always \u2018know best,\u2019\u201d she wrote.<\/p>\n<p>In a disturbing 2020 academic paper called \u201c<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3715735\">The People\u2019s Ledger:<\/p>\n<p><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Magicians try to distract the audience from looking at one hand by dangling something shiny in the other. So do politicians.The left\u2019s latest magician: Saule Omarova, President Biden\u2019s nominee to head the Office of the Comptroller of the Currency. OCC is an important agency \u2014 it has power to regulate all national banks and federal savings associations. OCC\u2019s wrong moves negatively affect millions of Americans, making banking and other services more expensive and inaccessible, particularly for vulnerable, unbanked Americans.Rather than answer serious congressional inquiries about whether she\u00a0is the right fit for OCC, Omarova has attacked duly-elected members of Congress whose voters empower them to serve their interests. By refusing to answer basic questions about her work and worldview, Omarova has obstructed the constitutionally prescribed legislative process.Born in Kazakhstan, a former Soviet republic, and educated at Moscow State University on the Lenin Personal Academic Scholarship, Omarova is a Cornell University law professor. America is a nation of immigrants who achieve the American dream through hard work and perseverance. Yet Omarova\u00a0pulls her magician\u2019s shiny object, a \u201cxenophobic sexist\u201d label, as a cudgel against\u00a0anyone who disagrees with her regulatory philosophy.Omarova\u2019s self-expressed desire to \u201cradically democratize access to money and control over financial flows in the nation\u2019s economy\u201d would be achieved by centralizing control over all financial institutions. She believes the federal government should determine asset prices, wages, capital, and more \u2014 a move that would devastate American free enterprise and global competitiveness.Omarova has not just advocated for increased regulations on the financial industry but for unprecedented government intervention in the affairs and activities of financial institutions. Of the fledgling cryptocurrency market, Omarova says it\u2019s \u201cbenefiting mainly the dysfunctional financial system we already have.\u201dSenate Banking Committee ranking member Pat Toomey (R-Pa.) sent a letter asking Omarova to submit a copy of her Moscow State University thesis, \u201cKarl Marx\u2019s Economic Analysis and the Theory of Revolution in The Capital,\u201d to allow the committee to fully assess her nomination (all nominees are required to submit materials and writings under the vetting process). Omarova rejected his request, blowing past his deadline. Such cavalier dismissiveness of constitutionally empowered inquiries is unprofessional and improper.In a tone-deaf Tweet, Omarova praised the failed Soviet regime that resulted in millions of deaths: \u201cSay what you will about old USSR, there was no gender pay gap there. Market doesn\u2019t always \u2018know best,\u2019\u201d she wrote.In a disturbing 2020 academic paper called \u201cThe People\u2019s Ledger: How to Democratize Money and Finance the Economy,\u201d Omarova demanded to \u201ceffectively \u2018end banking\u2019 as we know it.\u201d She proposes transferring all private bank functions to the Federal Reserve, effectively nationalizing the U.S. banking system, \u201cwhereby central bank accounts fully replace \u2014 rather than uneasily co-exist with \u2014 private bank deposits.\u201d This is textbook socialism: government controlling the means of production.Omarova showed her hostility and bias against the very banking sector she would potentially oversee, calling financial services \u201ca quintessential a**hole industry.\u201d In a documentary with the same vulgarity in the title,\u201d Omarova assaults what she calls \u201cthe pervasiveness of systematically a**hole-type behavior\u201d of financial services professionals who \u201ccontinue to pursue their own private goals, their own insatiable appetite for private gain.\u201dAs a former Goldman Sachs credit analyst and Moody\u2019s Investor Services bond analyst \u2014 e.g. a former financial services professional \u2014 I find these remarks tremendously offensive. If I were still working in this sector, I would be fearful of being regulated under her authoritarian, condescending leadership. But it appears that\u2019s what she wants \u2014 in her documentary interview, she said she\u2019d love nothing more than for\u00a0financial services professionals to reject the laws of economics and work against their own interests.In an interview with the Financial Times, Omarova accused her critics of racism and sexism, saying they sought to \u201cdemonize and vilify\u201d her identity. She claimed people scrutinizing her past and principles were applying \u201ca different standard\u201d because \u201cI\u2019m an easy target: an immigrant, a woman, a minority.\u201dYet there are, for example, millions of Cuban American immigrants (Hispanic, often people of color) and their descendants in the United States who reject Soviet-inspired communism and Marxism (having experienced its tragic results firsthand), and many of them are comfortably at home in the conservative movement that is raising red flags about Omarova\u2019s guiding principles.The nominee\u2019s worldview is more aligned with the failed former Soviet Union \u2014 an economic regime that collapsed under its failed policies \u2014 than the U.S. system she would regulate. In an interview defending her nomination, Omarova told Bloomberg News she\u2019s \u201ca free-market idealist\u201d and said, \u201cI know that Soviet-style communism doesn\u2019t work. I\u2019ve lived through it. That system was deeply flawed. It\u2019s dead.\u201dUnfortunately, by her desire for the government to seize control of the banking industry, Omarova contradicts those claims and would put Americans on a path to revive the system she saw fail. Omarova\u2019s status as a woman and immigrant is not the problem \u2014 the content of her professional output is.Omarova is the opposite of what makes a great leader: Missing are the qualities of humility, wisdom, and empathy. Her hateful rhetoric toward the very people she would be regulating, along with her embrace of failed and deadly Marxism make her supremely unqualified for this important public service. Senators shouldn\u2019t fall for Omarova\u2019s cheap tricks as she seeks to deflect attention from substance \u2014 that is, away from her economic destructiveness.The views expressed in this piece are the author\u2019s own and do not necessarily represent those of The Daily Wire.Carrie Sheffield is a senior policy analyst at The Independent Women\u2019s Forum.The 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":131,"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-944765","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\/944765","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\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=944765"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/944765\/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=944765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=944765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=944765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}