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Partiya Lenina, Sila Narodnaya!
Matthew Vadum • 27 Nov, 2021 • 5 Min Read
The Biden-Harris regime’s embattled nominee to oversee the banking system is a dishonest small-c communist who aspires to nationalize Americans’ bank accounts, crush the energy sector, and deindustrialize the world’s largest economy by creating a mammoth new bureaucracy to implement aspects of both the Green New Deal and the Great Reset. What could possibly go wrong?
She's not alone. Plenty of Democrats share Comptroller of the Currency nominee Saule Tarikhovna Omarova’s view that the economy is a plaything to be manipulated for political ends.
Fortunately for your wallet, five of the more survival-savvy Democrats –including Kyrsten Sinema of Arizona and Mark Warner of Virginia— are reportedly defecting from Comrade Omarova’s camp, so it seems unlikely she will survive the confirmation process. Republicans have also vigorously criticized her nomination and the regime is fighting back.
Of course, anonymous comments fed to friendly reporters are often the best way to disseminate smears. In that vein, Bloomberg News reported that an unidentified “White House official said the attacks on Omarova, a Cornell law professor who has been sharply critical of big banks and cryptocurrencies, were so unfair that they smacked of the red-baiting smears leveled by Senator Joe McCarthy in the 1950s.” Except McCarthy was right, though that is a discussion for another day.
Even if the nomination craters, these retrograde Soviet-era policies will live on because they enjoy significant support in Democrat circles, academia, and in the halls of government.
Until I came to the US, I couldn't imagine that things like gender pay gap still existed in today's world. Say what you will about old USSR, there was no gender pay gap there. Market doesn't always "know best." https://t.co/vvnx9DZICN
Omarova shares the Leftist regime’s antipathy to American energy independence and said she wants the coal, oil, and natural gas industries to die. “A lot of the smaller players in that industry are going to probably go bankrupt in short order – at least we want them to go bankrupt if we want to tackle climate change,” she said.
The White House formally sent the nomination to the Senate on Nov. 2 but unveiled the pick two months ago, hyping the demographic boxes she checked – as if her sex and skin color might make her a better commissar. “If confirmed, Omarova will be the first woman and person of color to serve as Comptroller,” the Sept. 23 announcement stated. Omarova was born in Kazakhstan and is a graduate of Moscow State University. A Cornell law professor, she holds a J.D. from Northwestern University in Chicago and a Ph.D. in political science from the University of Wisconsin at Madison. She was also arrested for shoplifting from a T.J. Maxx store in Madison in 1995.
The Office of the Comptroller of the Currency, an independent branch of the U.S. Department of the Treasury, supervises some 1,125 national banks, federal savings associations and federal branches and associations of foreign banks, representing $14.9 trillion in assets, or 65 percent of all U.S. commercial banking assets.
Omarova, 55, claims to be a capitalist –even an anti-communist in her youth— but her recent writings tell a different story. At a Senate confirmation hearing Nov. 18, Omarova portrayed herself in prepared testimony as someone who learned firsthand about the dangers of all-powerful government, saying she grew up “under a totalitarian regime presiding over a failing economy.”
Druzhby Narodnov, Nadyozhny Oplot!
In her charm offensive, Omarova said she was raised by her grandmother “who was orphaned and barely escaped death when, in the 1920s, Stalin sent her entire family to Siberia.” Their crime was “that they were educated Kazakhs who did not join the Party.”
These issues are deeply personal to me. Having grown up in an oppressive state-run system, with no free enterprise and no economic opportunity for people like me, I have a unique appreciation for our dynamic and diverse markets. It is what made my life and success possible, and for that I am forever grateful. Every American family should have the same opportunities that my family has had.
Despite giving lip service to freedom, Omarova supports the abolition of deposit-based banking and imposing a totalitarian banking architecture that would put private deposits in the hands of the government. Put another way, she supports communism, except perhaps for all the messy murders of people deemed obstacles to progress like her grandmother’s relatives.
In “The People’s Ledger: How to Democratize Money and Finance the Economy,” published in Vanderbilt Law Review in October 2020, Omarova argued for the abolition of the current banking system. “After decades of rising inequality, systemic instability, and relentless concentration of economic power, ordinary Americans are demanding a greater say in the distribution and use of financial resources,” she wrote.
She urged that all bank deposits be transferred into “FedAccounts” at the Federal Reserve, a move that would kill off banks funded by deposits. “The Fed’s entire balance sheet should be redesigned to operate as … the ‘People’s Ledger’: the ultimate public platform for both modulating and allocating the flow of sovereign credit and money in the national economy.”
In a draft paper published in July, “The ‘Franchise’ View of the Corporation: Purpose, Personality, Public Policy,” Omarova proposed that corporate charters be issued subject to pledges from the companies that they serve government-approved purposes. This is needed to curb “serious societal harms caused by contemporary corporations’ pursuit of their perfectly lawful business activities—rising inequality, exploitative labor practices, environmental degradation, erosion of democratic process, to name a few…”
Not willing to allow a crisis to go to waste, Omarova also urged in an August 2020 white paper titled “The Climate Case for a National Investment Authority,” that the “economic devastation caused by the coronavirus pandemic” be used for “a speedy and deliberate move to a massive infrastructure-led rebuilding and ‘greening’ of the U.S. economy.” Such an authority would pursue “the long-term goals of sustainability and decarbonization.” This is the essence of the so-called Great Reset being proposed by the Davos elite led by Klaus Schwab and others.
The Green New Deal movement “has successfully propelled this programmatic vision of an environmentally clean, just, and equitable future to the top of the national policy agenda. The Democratic Party is responding to this enthusiasm accordingly.” Omarova has also proposed the creation of a multi-trillion-dollar National Investment Authority (NIA), “a public entity that would design, execute, and finance a comprehensive nationwide program of environmentally sustainable and socially inclusive growth and revival.”
Drawing on the experience of the New Deal era’s logrolling, hopelessly corrupt Reconstruction Finance Corporation that the Eisenhower administration wisely dismantled, the NIA, she wrote, “offers a novel institutional solution to multiple organizational, financial, and operational challenges associated with an ambitious national project to combat climate change." The United States, she wrote, needs “to shoulder its share of the decarbonization load”:
Estimates of the amount of global investment in clean energy required to meet climate targets between now and 2050 range from about $1 trillion to over $3 trillion annually. The NIA will step into this gap and use innovative financing tools to mobilize and boost the flow of public and private capital into socially beneficial ‘green’ infrastructures.
So much for Omarova’s claimed “deeply personal” commitment to free enterprise and economic opportunity. Actions speak louder than words, so cue the marching bands:
A longtime journalist, Matthew Vadum was also senior vice president at Capital Research Center, a conservative think tank. He has written several books, including Subversion Inc.: How Obama’s ACORN Red Shirts are Still Terrorizing and Ripping Off American Taxpayers (WND Books, 2011) and Team Jihad: How Sharia-Supremacists Collaborate with Leftists to Destroy the United States (Center for Security Policy Press, 2017). Nothing about the Left surprises him anymore.