GOP paints Biden’s choice for bank regulator as radical

The Associated Press ^ | November 18, 2021 | By KEN SWEET (D-AP)

[Oldeconomybuyer]

WASHINGTON — President Joe Biden’s choice to run one of the agencies charged with overseeing the banking industry faced sharp questioning Thursday from Republican senators, who tried to label Saule Omarova as someone who would nationalize the U.S. banking system.

Omarova, 55, was nominated in September to be the nation’s next comptroller of the currency. If confirmed, she would be the first woman and person of color to run the 158-year-old agency.

Omarova is a long-time academic and well-regarded expert on financial regulation, but many Republicans and the banking industry have taken issue with several papers published during her career where she’s proposed wholesale changes to the banking system.

“Taken in totality, her ideas do amount to a socialist manifesto for American financial services,” said Sen. Pat Toomey of Pennsylvania.

The banking lobby is overwhelmingly against the nomination. In an interview with The Associated Press this week, Omarova said their opposition is largely due to fears that she would be a tough regulator for Wall Street and banks.

Her origins in the former Soviet Union have become red meat for some members of Congress and their allies in the conservative press. In a letter to Omarova after she was nominated, Toomey requested a copy of a graduation paper she wrote about Karl Marx “in the original Russian” when she was an undergraduate at Moscow State University.

While some senators at the hearing tried to downplay this narrative, the issue was raised by Sen. John Kennedy, R-Louisiana. The senator inquired as to whether Omarova still had a membership with youth Soviet communist organizations.

“I don’t know whether to call you professor or comrade,” Kennedy said, a comment that elicited some gasps in the hearing room and, later, a rebuke from the chairman of the committee, Rep. Sherrod Brown, D-Ohio.

[Roccus]

LOL!!!

You fail to understand that if Omarova’s policy come to pass, all that toilet paper (the cash that you have drawn out) will have no value.
When these Alpha Hotels say “reset” they mean just that!
What passes for wealth and/or finances today, will not mean anything tomorrow.

But hey, do as you see fit. Since you still retain a commercial pilot’s ticket (or whatever it’s called) you are much younger than I and will have to live with your decisions for a longer time than I will

Good Luck.

[SkyDancer]

And good luck to you as well if our paper money goes extinct because there’d be such a mass revolt of people it’d make Jan.6 look like a children’s tea party.