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Fifteen state financial officers sent a letter to U.S. banks last week noting $600 billion in assets they pledge to take elsewhere if the financial institutions embrace corporate wokeism and prohibit financing to the fossil fuel industry. Led by West Virginia Republican Treasurer Riley Moore, the group promised “collective action” in the form of an “economic boycott.” “Just as each state represented in this letter is unique in its governing laws and economy, our actions will take different forms,” they wrote in the letter obtained by The Federalist. “However, the overarching objective of our actions will be the same –...

“I still worry about the censorship that occurs,” Nunes remarked. “What happens if these companies just decide next year, ‘Well, Republicans, they’re all insurrectionists. Let’s shut off all their credit cards and banking so they just can’t raise any money.’ They could do that, all these woke corporations.”

Fifteen state financial officers sent a letter to U.S. banks last week noting $600 billion in assets they pledge to take elsewhere if the financial institutions embrace corporate wokeism and prohibit financing to the fossil fuel industry.Led by West Virginia Republican Treasurer Riley Moore, the group promised “collective action” in the form of an “economic boycott.”“Just as each state represented in this letter is unique in its governing laws and economy, our actions will take different forms,” they wrote in the letter obtained by The Federalist. “However, the overarching objective of our actions will be the same – to protect...

It is ironic when Democrats complain about sensational use of language. Thanks to progressives, practically every white person in America has been labelled a racist. But now Democrats are screaming because Republican Sen. John Kennedy suggested that Saule Omarova, whom President Joe Biden has nominated to head the Office of the Comptroller of the Currency -- the nation's top banking regulator -- might be a communist. Kennedy opened his questioning of Omarova at her Senate Committee on Banking, Housing and Urban Affairs confirmation hearing asking if he should call her "professor or comrade." Distinct from the labels and charges we...

Democrat members of the House of Representatives killed a Republican motion on Sunday aimed at protecting Americans from IRS surveillance of their private finances in the latest instance of Nancy Pelosi's caucus seeking to give government a larger and more intrusive role in Americans' lives. The motion to recommit, brought to the House floor by Rep. Kevin Brady (R-TX), would have stripped funding Democrats included in President Biden's budget bill to increase IRS enforcement and also prohibited the creation of an IRS program to spy on Americans' bank accounts.Speaking on the floor in support of his motion, Rep. Brady —...

Biden’s radical nominees continue to show their true colors. Biden’s Marxist currency nominee Saule Omarova said that all private bank accounts should be taken over and controlled by the Federal Reserve.

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 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 conference speech, she said, “There will be no more private bank accounts, and all of the deposit accounts...

For years, progressives mocked anyone who warned that the Democratic Party's move leftward would produce government officials who might push actual socialist policies once in office. I'll admit that for a variety of reasons I never found this extreme version of the slippery-slope argument convincing. Yes, both sides have embraced big government policies, and the recent "America First" approach embraced by Republicans in recent years should alarm us. Still, with the Biden administration's nomination of Cornell University Law School professor Saule Omarova to become Comptroller of the Currency, I wonder if I was too fast to dismiss the possibility. Consider...

Democrats are scrambling to invent fresh methods of leveraging the IRS against Americans. A wealth tax and 15 percent global minimum tax are under consideration, along with a provision that allows the IRS to spy on American bank accounts. The first tax Democrats are weighing is a 15 percent corporate minimum, which would reportedly burden 200 companies with “profits” above $1 billion. Sens. Ron Wyden (D-OR), Elizabeth Warren (D-MA), and Angus King (I-ME) have proposed the measure. Apparently Sens. Joe Manchin (D-WV) and Kyrsten Sinema (D-AZ) approve of the plan. “The trio said the Joint Tax Committee had estimated it...

Joe Manchin is the gift that keeps on giving. Well, at least if you are a Republican hoping someone holds the line against Joe Biden’s “build back better” agenda.The West Virginia senator has already demanded (and will get) deep cuts to the formerly $3.5 trillion reconciliation bill. He’s also stood in the gap against some of the more harmful climate change and entitlement provisions. To continue that theme, he nuked another major Biden priority today.As RedState reported, the progressives have been pushing new reporting requirements to snoop on bank accounts with at least $10,000 in outflows over the course of...

While running for president, Joe Biden campaigned as a lunch-pail-carrying, blue-collar moderate from Scranton, Pa. But during his short tenure in the White House, Biden has proven himself to be a far-left champion of bureaucracy, reckless government spending and the centralization of economic and political power. The most recent example is Biden’s nomination of Cornell law professor Saule Omarova to head the Office of the Comptroller of the Currency, a branch of the Treasury Department. Omarova is a controversial choice. Born in the former Soviet Republic of Kazakhstan, Omarova was educated in the Soviet Union, graduating from Moscow State University...

Freedom anywhere is a threat to authoritarianism everywhere. That is why authoritarians must destroy all freedom and why liberty lovers, and even the merely “lib-curious” (liberty curious), must not just resist blatant authoritarianism, but reject it in all its guises. The fate of the nation, and the world, again hangs in the balance. To the extent that any freedom persists, authoritarian diktat can be subverted, albeit at a cost. History is rife with examples of bizarre entities, like nonbank banks (I kid you not!), rent-a-banks (ditto!), and gold caches, designed to work around branching restrictions, usury laws (maximum interest rates),...

Omarova is already facing opposition from the financial services industry over her proposal to "end banking as we know it." A proponent of stricter bank regulations, Omarova has proposed a banking system that relies on individuals, rather than banks, to hold bank accounts with the Federal Reserve. Omarova teaches at Cornell School of Law and worked in the Bush administration's Treasury Department. She later obtained a doctorate from the University of Wisconsin and a law degree from Northwestern University. She has also called for the creation of a massive government bureaucracy that she calls the National Investment Authority. Modeled on...

Saule Omarova attended Moscow State University on a Lenin scholarship. President Joe Biden’s pick for the nation’s top banking regulator, who received a scholarship named for Vladimir Lenin, scrubbed her résumé of a reference to a thesis she wrote on Karl Marx while a student at Moscow State University. Saule Omarova, who Biden tapped to head the Office of the Comptroller of the Currency, listed a paper titled "Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital" on her résumé as recently as 2017. But the paper was not disclosed on the version of the résumé reported...

Biden’s banking watchdog pick Saule Omarova must turn over her thesis on Karl Marx SOURCE — FOX BUSINESS Senator Pat Toomey wants to read Cornell University professor Saula Omarova’s thesis on Karl Marx, since Omarova became President Biden’s pick to lead the office of Comptroller of the Currency. But the document has been scrubbed from her resume. Now, after weeks after Omarova was first nominated to the post, Toomey, R-Pa., is again asking for the thesis written during her time at Moscow State University in the 1980s. Toomey, the ranking member on the Senate Banking Committee, sent a letter to...

Treasury Secretary Janet Yellen defended on Tuesday the new requirement that all purchases above $600 be reported to the IRS Said it will help fill the $7 trillion tax gap 'from places where the information on income is opaque and can be hidden' Also said Biden's controversial pick to lead the agency responsible for regulating America's banks deserves a 'fair hearing' 'Professor [Saule] Omarova is the President's nominee... And I think she deserves a fair hearing by the Senate. I hope she will get that' Omarova is a Cornell Law School professor who graduated from college in Moscow, where she...

resident Biden’s pick to lead a powerful bank regulator is certain to spark a partisan battle in the Senate. Biden announced Thursday he will nominate Cornell University law professor Saule Omarova to lead the Office of the Comptroller of the Currency (OCC), tapping a fierce critic of big banks for a post with broad power over the industry. Omarova has argued that major banks have failed to serve broader public needs and that the Federal Reserve should replace private firms in consumer banking. In a paper published last year, she proposed “a series of structural reforms that would radically redefine...

Saule Omarova attended Moscow State University on a Lenin scholarship President Joe Biden’s pick for the nation’s top banking regulator, who received a scholarship named for Vladimir Lenin, scrubbed her résumé of a reference to a thesis she wrote on Karl Marx while a student at Moscow State University. Saule Omarova, who Biden tapped to head the Office of the Comptroller of the Currency, listed a paper titled "Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital" on her résumé as recently as 2017. But the paper was not disclosed on the version of the résumé reported...

Missouri and Arkansas became the latest states to say they would not comply with a Biden proposal to force banks to hand over transaction data over $600 to the IRS on Wednesday. 'I will stand up to this government overreach and protect the privacy of those account holders,' state treasurer Scott Fitzpatrick said in a statement Wednesday morning. 'Turning over their transaction data to the federal government is illegal under Missouri law and a gross violation of Missourians’ expectation of privacy when it comes to their personal financial records.' 'I will not turn this information over to the IRS voluntarily...

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) is asking Ms. Saule Omarova, President Biden’s nominee to head the Office of the Comptroller of the Currency (OCC), to turn over a copy of her thesis, “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital,” to allow the Committee to fully assess her nomination. Ms. Omarova’s thesis, which she authored while studying at Moscow State University on the V.I. Lenin Personal Academic Scholarship, recently disappeared from her resume. “While it appears that you have deleted any reference to your thesis in the version of...