Saule Omarova, President Joe Biden’s nominee for the Office of the Comptroller of the Currency (OCC), called during a March 2021 virtual conference to eliminate all private bank accounts and deposits.
Omarova spoke in March at the Law and Political Economy Project’s “Law & Political Economy: Democracy Beyond Neoliberalism” conference.
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.”
She said it would change the “private-public power balance” and democratize finance to a more systemic level.
During her explanation of her paper, she said that the Federal Reserve, the nation’s central bank, can only use “indirect levers” to “induce private banks to increase their lending.”
Her paper proposes that all banks be closed and all deposits transferred to FedAccounts at the Federal Reserve.
During her conference speech, she stated that there would be no private bank accounts and all deposit accounts would be held directly at Fed.
Omarova stated that her proposal would make the Fed more “proactive,” such as with “helicopter cash.” Omarova also considered how the Federal Reserve could “take” money from Americans in an inflationary environment.
Breitbart News was told by a former top government official that Omarova would be the “most powerful and least accountable” person in charge of America’s banking system if confirmed by the Senate.
The former top government official spoke out about FedAccounts and said that the Democratic Party has been in charge of the last two administrations. They want the government to take over many financial functions.
Omarova’s radical views led 21 state financial officers to call for Biden’s withdrawal of Omarova’s nomination as the U.S. Comptroller.
The LPE serves as a platform to discuss:
the role of law and legal discourse in the creation and maintenance of capitalism and in mediating tensions between capitalist order and democratic self-rule. Scholars in our network work to understand the relationship between market supremacy and racial, gender, and economic injustice; to articulate the relationship between capitalism and devaluation of social and ecological reproduction; and to explore the distinctive ways that law gives shape to and legitimates neoliberal capitalism, ranging from dynamics of financialization to the relation between the carceral state and capitalism. We also seek to offer concrete legal reforms designed to move beyond neoliberalism and toward a genuinely responsive, egalitarian democracy, with critical attention to the need for power and movement-building as part of any such transformation. [Emphasis added]
Omarova’s nomination has already been opposed by Republicans.
Sen. Steve Daines (R MT) stated Omarova’s support for Communist ideals” disqualifies them from the position.
“Republicans will overwhelmingly oppose this self-described radical,” Sen. Pat Toomey (R-PA) stated to Axios.