New Deal: Fintech as a Systemic Phenomenon,” Omarova wrote, “Crypto-assets … are effectively untethered from…any productive activity in the real economy.”
Omarova also contended that “Fintech” is a “systemic phenomenon.”
In “The People’s Ledger How to Democratize Money and Finance the Economy” Omarova calls to eliminate all community banks and to transfer all bank deposits to “FedAccounts” at the Federal Reserve.
When talking about FedAccounts, the former senior government official said, “The Democratic Party over the last couple of administrations, they want the government to essentially take over a lot of financial functions from banks.”
The former senior government official argued the “political left doesn’t like crypto, because right now the left is all about command and control, they want to control your thinking, they want to control your spending, etc.
Oh, you know: just a “useful policy tool” for casually annihilating the savings of every wage-worker in the country if they don’t spend them fast enough. https://t.co/TAKQCEDcOX
— Edward Snowden (@Snowden) October 9, 2021
Snowden wrote that the creation of a CBDC could grant governments, including the United States, near totalitarian levels control over Americans’ money.
He called CBDCs “a perversion […] of the founding principles and protocols of cryptocurrency—a cryptofascist currency, an evil twin entered into the ledgers on Opposite Day, expressly designed to deny its users the basic ownership of their money and to install the State at the mediating center of every transaction.”
Omarova appears to blame the rise of cryptocurrencies for digitizing finance, wresting control over Americans’ money from the government.
She wrote in “Technology v.
The People’s Ledger: How to Democratize Money and Finance the Economy.”
“On the asset side,” she “lays out a proposal for restructuring the Fed’s investment portfolio and redirecting its credit-allocation power…leaving the asset side free to serve as the tool of the economy-wide credit allocation.”
In short, “the key is…eliminating private banks’ deposit-taking function and giving the Fed new asset-side tools of shaping economy-wide credit flows,” the proposed regulator of national banks writes.
At this point, it is already unnecessary to proceed any further, but we will.
In the paper, “The ‘Too Big To Fail’ Problem,” Omarova suggests “an expansion of the Federal Reserve’s so-called ‘open market operations’…to encompass trading in a wide range of financial assets.
On top of that, in “Bank, Governance and Systemic Stability: The ‘Golden Share’ Approach,” she recommends a “new golden share mechanism” which would give “the government special, exclusive and nontransferable corporate-governance rights in privately owned enterprises.”
“As a holder of the golden share, the government could have disproportionate voting power with respect to the election of the company’s directors and various strategic decisions,” reads the paper.
“This ability to affect directly a private firm’s substantive business decisions — without holding a controlling economic equity stake — is a particularly promising feature of the golden share,” Omarova thinks.
Since the position operates for five years, Omarova, if confirmed, could serve in the position beyond a one-term Biden presidency.
Sen. Pat Toomey (R-PA), the ranking member of the Senate Banking Committee, has asked Omarova to provide the committee a copy of her thesis, “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital.”
Omarova has not provided a copy of her 1989 Moscow State University thesis to the Banking Committee.
Toomey said in a statement last week:
All nominees within the Committee’s jurisdiction are required to provide their writings, articles, and papers. Unfortunately, Professor Omarova appears to believe she is exempt from these rules.
In order for lawmakers to fully and fairly consider Professor Omarova’s nomination to serve as our nation’s top banking regulator, we need a complete picture of her policy positions.
Many central banks across the world have explored creating their own digital currency, or a central bank digital currency (CBDC). Omarova contended that using America’s current banking system would “significantly complicate the task of designing CBDC and slow down the process of its implementation.”
Further, Omarova even advocates for the “issuance of general-purpose CBDC and concurrent migration of all transaction despite from private banks to the Federal Reserve.”
Omarova’s advancement of CBDCs and further control of America’s financial system would grant the federal government immense control of Americans’ money.
The former senior government official said, “And, why do they want to do that? Because eventually, they want to be able to decide which transactions to approve and disapprove of.
President Joe Biden nominated Cornell law professor Saule Omarova last week to serve as head of the Office of the Comptroller of the Currency (OCC). The OCC charters, regulates, and supervises all national banks.
The OCC gave cryptocurrency platform Anchorage conditional approval for a national bank charter, which was a first for the industry. Protego Trust Co. and Paxos has since received conditional approval for charters.
However, Omarova could unwind many of the previous charter approvals for cryptocurrency companies and block many charter approval requests.
“It really is the most powerful, least accountable job in the government,” a former senior government official told Breitbart News.
Although the OCC is a part of the Treasury Department, it is an independent branch of the Treasury Department that can operate with wide autonomy.
John Carney noted that Omarova would end community banking as we know it if the Senate confirms her.
Last week, Sen. Steve Daines (R-MT) told Breitbart News that Omarova’s support of “Communist ideals” disqualifies her for the position.
Omarova’s radical beliefs have even raised concerns with at least three Senate Democrats.
“Republicans will overwhelmingly oppose this self-described radical,” Toomey told Axios.
“Saule Omarova is eminently qualified and was nominated for this role because of her lifetime of work on financial regulation, including in the private sector, in government and as a leading academic in the field,” the Biden White House told Axios.
“The White House continues to strongly support her historic nomination,” the White House official added.
Omarova’s writings have exhibited her hostility to cryptocurrencies.
In “New Tech v.
Omarova called for government surveillance of cryptocurrency transactions.
She wrote that she wants the government to have “the ability not only to monitor crypto-trades from the outside, in the way traditional regulators do but also to operate directly inside the relevant markets.”
“Given the speed and velocity of crypto-asset trading, the speed of government responses to destabilizing price shocks is of paramount importance,” Omarova wrote, calling for the ability to immediately intervene in financial markets.
During a Senate Banking Committee hearing in September, Omarova said, “Democratizing finance… is an inherently political exercise,” and we can only achieve that goal “through a coherent and comprehensive program of [government] reforms.”
Sean Moran is a congressional reporter for Breitbart News.
If, for example, a particular asset class — such as mortgage-backed securities or technology stocks — rises in market value at rates suggestive of a bubble trend, the FRBNY trading desk would short these securities.”
“The FRBNY trading desk would go long on particular asset classes when they appear to be artificially undervalued.”
Also, a “National Investment Authority” would be “charged with developing and implementing a comprehensive strategy of national economic development.”
In “The Climate Case for a National Investment Authority,“ she said “The NIA will act directly within markets as a lender, guarantor, market-maker, venture capital investor and asset manager.