Seriously? Biden nominee called for eliminating all private bank accounts

by WorldTribune Staff, November 14, 2021

Joe Biden’s choice to head up oversight over U.S. banks has said she favors eliminating all private bank accounts and deposits.

Saule Omarova

All U.S. banks should be eliminated and all deposits in those bank should be transferred to “FedAccounts” at the Federal Reserve, Saule Omarova said during a virtual conference in March, Breitbart News reported on Nov. 13.

Omarova, who graduated from Moscow State University where she was on the Lenin Personal Academic Scholarship, is Biden’s nominee for the Office of the Comptroller of the Currency (OCC).

Related: Biden’s pick for currency comptroller graduated from Moscow State U with a Lenin scholarship, October 4, 2021

A former senior government official told Breitbart News that if the Senate were to confirm Omarova, she would have the “most powerful, least accountable” position over America’s banking system.

During her address to the Law and Political Economy (LPE) Project’s “Law & Political Economy: Democracy Beyond Neoliberalism”, Omarova discussed one of her papers, “The People’s Ledger How to Democratize Money and Finance the Economy,” which would help “redesign” the financial system and make the economy “more equitable for everyone.”

Omarova said it would change the “private-public power balance” and democratize finance to a more systemic level.

Omarova said her proposal would give the Fed more “proactive” monetary policy tools, such as “helicopter money.” She also pondered how the Federal Reserve could “take money” from Americans during an inflationary environment.

When talking about FedAccounts, the former senior government official told Breitbart: “The Democratic Party over the last couple of administrations, they want the government to essentially take over a lot of financial functions from banks.”

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