Posted on 12/07/2021 5:45:34 PM PST by SeekAndFind
Facing insurmountable odds against Office of the Comptroller of the Currency nominee Saule Omarova in the U.S. Senate, the Biden administration accepted the withdrawal letter from the embattled nominee on Tuesday.
The President characterized the abandonment of the nomination as “… unfortunately, from the very beginning of her nomination, Saule was subjected to inappropriate personal attacks that were far beyond the pale.”
But members of the Senate Banking Committee on both sides of the aisle had grown increasingly uncomfortable with Omarova’s past policy stances on how banks should be organized and regulated; including, supporting radical proposals that would “change banking as we know it” into new forms that would, if pursued, completely reorganize the relationship between individual American’s bank accounts and the federal government; as well as alter the fundamental business economics of the remainder of the banking institution business model for lending and finance.
Omarova’s stated supported proposals would cause banks to cease being depository institutions for individual accounts, reassigning these checking and savings “demand deposit accounts” directly to the Federal Reserve. That proved too radical an agenda for Democrat and Republican senators to take a risk on; particularly given that the head of the OCC does, indeed, have the power to facilitate such changes as part of their tenure.
Omarova also raised eyebrows with her support for the concept of a National Investment Authority (NIA) that would have the power to direct private capital investment in the US from a central planning entity. This caused concern not just in private industry, but in the thought that the US might move in the direction of Washington-based controlled investment of the type not seen in the US since mobilization for World War II.
The closest we’ve come to it recently was in 2020 as part of the Trump administration’s organization of federal resources to combat the COVID-19 crisis. Detractors of the NIA model correctly compare the approach to be closer to the one used by the government of China in managing that country’s centrally planned economy. The parallels were politicized, as often happens in the American debate process, which the Biden team interpreted as “personal attacks.”
But the senators who expressed concern over Omarova’s past support for central authority policies stated that their primary concerns were about balking at applying such radically different principles to the free-market economy model of the United States; particularly so at a time when the U.S. economy remains fragile following almost two years of COVID-19 stress.
It’s clear that the Biden administration overreached attempting to pursue a bold, liberal game-changing agenda with this nomination. It wasn’t the beliefs, history, or qualifications of the Cornell professor that were put to the test here; it was the question of whether the ambitions of the Biden team remain aligned with the national interest of the United States as 2021 ends and the stresses of 2022 loom on the horizon. The next nominee will need to have more conventional views for the Washington establishment to be comfortable.
For Dr. Omarova, the answer is that the nation will carry on under someone else’s stewardship.
Couldn’t find an AMERICAN for the job?
the fact that she was nominated tells you the commies are in the wire
dems=commies=tyranny
до свидания: do svidaniya (goodbye), comrade.
Thank God!
Good. Though I’m sure whoever Biden’s puppet master is, he’ll pick another Commie.
Exactly, now they can pass through the person they really wanted all along.
They will find a more camouflaged communist.
Exactly, now they can pass through the person they really wanted all along.
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After her, now even AOC would look like Frederick Hyack.
The meat puppet’s operator lives in Kalorama.
I’m pretty sure the puppet master lives in a mansion on Martha’s Vineyard.
I find it frightening that this manifests as a sign of sanity.
Same guy, has a house in Chicago, too.
Then we’re both thinking of the same guy.
They nominated someone who has direct sympathies to the Kremlin.
“inappropriate personal attacks”???
Hardly. She’s a communist who wants to confiscate all our bank accounts and give the money to the Fed. An extremely dangerous person!
Surely out of some 300 million people there must be a better choice.
That he even nominated the GD communist AND it took this long to deep-six her are very, very troubling.
She should never have gotten selected and, whoever vets her, should have immediately DQ’d her.
There’s a story that needs to be investigated about how she was “discovered,” who nominated her, why Biden approved her nomination, and why it wasn’t instantly shit-canned.
Hunter?
And abolish all private banks and force all of us to “bank” with the GD federal “government.” Can you imagine the power they would have over all of us if that came to pass?
They already own our health care and are gunning for all of our transportation systems and energy systems. Banking must be their next big wet dream.
What is to stop him from appointing her the acting director and implementing the policies anyway?
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