A government takeover of financial services or any industry is clearly un-American. But the proof is here for all of us to see
“Say what you want about the old the Soviet Union, there was no gender pay gap. The market doesn’t always ‘know best.’”
Those are the words of Cornell University law professor Soule Omarova, which he tweeted on March 31, 2019. According to her public statements, Omarova is from Kazakhstan, which was a part of. the Soviet Union Until the failure and dissolution of the communist state.
Before moving to the United States, Omarova had the distinction of “Lenin Personal Academic Scholarship” Russia.
Now, the newest addition to his resume is President Biden’s nominee for the Comptroller of the Currency, the primary bank regulator in this country.
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An expressed desire for communist legislation and awards named after the leader of the Bolshevik revolution was probably enough to secure his nomination by the Biden administration.
If not, Omarova’s arguments in support of individual bank accounts held by the Fed earlier this year, acknowledging that they would “end banking as we know it” would have ended.
Fed bank accounts are one of several radical and reckless policies being pushed by the administration and its allies in Congress.
For those of us who still believe in personal and economic freedom, this nomination is extremely worrying. As Controller, Omarova will oversee the chartering, regulation and supervision of all national banks.
Putting a man romanticizing communist control in the position of overseeing a large part of the American economy is more dangerous than foolishness.
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It would be easy to dismiss this nomination as a one-off, a gesture to appease an increasingly radical base. However, this would be wrong.
Government control over the financial system is no longer considered a radical idea in the Democratic Party, but is instead an expressed goal.
This year, Financial Services Committee Chair Maxine Waters, D-Calif., and other Democrats in the House of Representatives made a serious effort: Allow the U.S. Postal Service (the same one that still struggles to deliver mail after 245 years). ) accepting deposits and giving loans; A public credit bureau, home to the Consumer Financial Protection Bureau, essentially gives the authority to decide who is eligible for a loan; transforming the Small Business Administration into a direct business lender that underpins community banks and credit unions; And set up personal bank accounts at the Federal Reserve—an idea Omarova strongly supports.
On top of that, the Biden administration, led by Treasury Secretary Janet Yellen, is working hard to establish a new system in the IRS that would monitor nearly every single bank account in the country.
The much-discussed regime would force financial institutions to report inflows and outflows of accounts holding at least $600 at any one time.
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The IRS, which has proven poised to leak personal tax information of US citizens to advance political agendas and target specific civic organizations that do not agree with the administration’s ideology, is responsible for nearly every single bank account held by Americans. will monitor.
These are not attempts to increase surveillance of the financial services industry or to stabilize the economy. They are not protecting consumers from imaginary villains plotting to rob. These are efforts specifically made to put the government in a position to transform the financial services industry.
Collectively, they would give the government the power to decide who is eligible for loans, give loans to those deemed acceptable, hold bank accounts for US citizens, and monitor the dollars we spend. Making place at the highest levels of government’s true believers in state-controlled commerce is an important step toward these ends.
It seems unbelievable to even suggest this. After all, a government takeover of financial services or any industry is clearly un-American. But the proof is right here for all of us to see.
No one is hiding their goals. As Omarova put it, the policies she advocates will “end banking as we know it.”
We must obey him.
While most Americans are preoccupied with worrying more about their families and daily lives in general than about controllers or financial regulators, they will undoubtedly feel the lasting effects of their flawed policies.
If the Biden administration continues to push hardline partisans to consequential positions and maintains its current path toward a government takeover of our financial sector, every American will face disastrous consequences. Like the “old USSR”.
Republican Blaine Luetkameier represents Missouri’s 3rd Congressional District in the United States House of Representatives, where he is a ranking member of the House Small Business Committee and a ranking member of the Consumer Protection and Financial Institutions subcommittee. He has represented Missouri’s third congressional district since 2009.