Treasury

Biden's Nominee for Comptroller Wants To Put an 'End to Banking as We Know It'

The pick lends ammunition to those who have warned of a slippery slope toward socialism.

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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 Omarova's academic work. The Wall Street Journal notes that she would like to put an "'end to banking' as we know it," in part by transferring private banking functions exclusively to the Federal Reserve, where accounts would "fully replace" private bank deposits. Under her plan, the Journal continues, "The Fed would control 'systemically important prices' for fuel, food, raw materials, metals, natural resources, home prices and wages" after the Fed is transformed into what she calls "the ultimate public platform for generating, modulating, and allocating financial resources in a modern economy.'"

If confirmed, she would have an ability to regulate "systemically important" risks as a member of the Financial Stability Oversight Council. Her words and deeds require scrutiny. However, true to the form of some contemporary progressives, Omarova accuses those who highlight this part of her agenda of misogyny, xenophobia, and racism, as she is "a woman, an immigrant, and a minority." But I can assure her that this motivation is not what drives me, as a woman and an immigrant myself.

What disturbs me is Omarova's belief that fixing the flaws of the financial sector requires nothing resembling ridding the system of cronyism or the perverse incentives created by too-big-to-fail policies, but instead a massive—and indeed unprecedented in the United States—expansion of political control over the private economy.

If you think her ideas sound a little like they were designed in the USSR, you would be onto something. In 1989, Omarova graduated from Moscow State University on the Lenin Personal Academic Scholarship. Now, being born and raised in a particular country doesn't necessarily mean that you embrace its beliefs. I come from France, where there's still an active communist party and where the left and the right fight to see who can be furthest to the left of Sen. Bernie Sanders (I–Vt.). Yet I never wanted to transform the United States into France. In fact, I spend most of my waking moments trying to prevent such a tragedy.

Not Omarova, who genuinely seems to believe the USSR had better policies than the USA. For instance, she tweeted, "Until I came to the U.S., I couldn't imagine that things like gender pay gap still existed in today's world. Say what you will about old USSR, there was no gender pay gap there.'" She later clarified: "I never claimed women and men were treated absolutely equally in every facet of Soviet life. But people's salaries were set (by the state) in a gender-blind manner. And all women got very generous maternity benefits. Both things are still a pipe dream in our society!"

Setting aside her revisionist history of a regime that killed tens of millions of people, those of you who have read my column know that it's a sign of great ignorance to claim that because the United States doesn't have a federal paid-leave mandate, most American workers have no paid leave. The truth is that this country has a vast and expanding network of companies that provide ample fringe benefits without being required by government to do so. Included among these benefits is paid leave. It covers some 60 percent of workers and is flexible, accommodating, and often more generous than the plans now being considered in Congress.

Omarova displays no less ignorance when she talks about the so-called "gender pay gap." There's now a bipartisan recognition that when measured properly, the U.S. pay gap is small. As Harvard economist Claudia Goldin's research shows, the remaining gap isn't the result of discrimination against women, but it's the product of mothers wanting more flexible and often less time-consuming professions.

This column only scratches the surface of Omarova's radical policies and misguided praise for her former country with its defunct and tyrannical economic system. It makes her nomination puzzling when it comes from a president elected for being a moderate. It certainly lends ammunition to those who have warned of a slippery slope toward socialism.

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164 responses to “Biden's Nominee for Comptroller Wants To Put an 'End to Banking as We Know It'

  1. someone please do the sex with this woman so she'll calm the fuck down.

    1. Who Dragon Lady or De Rugy?

      1. I'll do it if it's both at once.

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      2. Dragon Lady. Veronique is entirely too classy for this gang.

        1. Exactly.

          Also, she's French. They eat snails there, so she'll do things American girls think are gross.

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          2. Like libertarians

        2. Absolutely too classy.

    2. You're the one who suggested it.

      *hands Dillinger a bag of viagra and a bottle of bourbon*

      1. in but you can keep the blues. alternatively I'll drop mdma with her maybe she'll lighten up without thesex

    3. Never.....and.....I.....mean.....never.....stick your dick in crazy.

    4. Maybe she should be the one to fuck Joe Biden(assuming that’s not already why she’s getting the nomination).

      1. She wouldn’t have to. She could just tell him they already did it. How the hell would he know the difference?

  2. You have got to be fucking kidding me. Put this commie whacko in charge of our banking?

    1. It is utterly insane that in this day and age, a person like her is anywhere near the levers of government.

      How many damn examples do we need of price fixing being horrible economic policy? It's not like this is ancient history. Venezuela is going through it right now. In the 90's at least the lefties had the decency to cloak price fixing in layers of regulatory miasma. But now, two decades later, another fucking command economy idiot is being seriously suggested *and* defended by the left?

      This is like a very bad afternoon cartoon series. No matter how many times their own incompetence destroyed their ambitions, the conniving villains like Cobra Commander and Megatron somehow made it back next week to be within inches of defeating the forces of good. It was absurd to me as a kid, but in real life, watching these Commies come back time after time, despite the magnitude of their self-actualized misery, is a fucking nightmare.

      1. The Road Runner and Wile E. Coyote.

      2. They always escape the price for their shit decisions though.

        That's the catch - when you're connected, you live by a different set of rules than the ones you force on the peasants.

        1. Newsom's highly flexible rules for HIS mask use, for example.

      3. Let's see...
        Joe Biden's pick for the Bureau of Land Management....Tracy Stone Manning - an eco-terrorist who helped place 500 pounds of metal spikes in trees, some above the cut line where loggers would not find them & the saw at the mill would hit the spike, explode and maim/kill sawmill workers processing legally gathered timber. Those driven into trees at the cut line caused chainsaws to kick back. Anyone ever seen what that can do to a person? Horrific.

        Now we have Saule Omarova, who is an out-and-out communist from Russia going to be comptroller over our currencty!

        Why won't so many idiots wake up and see what this Anti-American political party is doing to the U.S.A.??? This is absolutely horrific and yet so many "progressives" are clapping and cheering!

        Like Padme Amidala said in "Revenge of the Sith" when Palpatine declared himself Emperor of the new galactic empire: "So this is how liberty dies; with thunderous applause!" So very true!!

        1. "In a 1993 federal court testimony, Stone-Manning admitted that she had retyped, edited, and mailed the letter [warning the logging company about the spikes]. She received prosecutorial immunity in order to testify against the activist. The activist was found guilty and sentenced to 17 months in prison"

          She snitched.

    2. But the real problem is that nominating an open commie "lends ammunition to those who have warned of a slippery slope toward socialism."

      1. You see this a lot: "You know, it's really too bad that howling mobs descend on any conservative speaker who appears on campus, it just makes those crazy right-wingers think that the Left are intolerant authoritarians who support using violence to crush political dissent."

        1. Because they do! It happens all the time on college campuses...Threats of violence from ANTIFA college students cow Universities into rescinding invitations for conservatives to speak. They physically assault conservatives with pepper spray and bludgeoning weapons. I say we as conservatives need to quit trying to win by taking the moral high road and get even lower and dirtier than them and destroy them with their own tactics.

      2. I don't believe is the slope anymore. They are pushing us as hard as they can toward a cliff.

        1. This is the problem with post modernism, you can't stop deconstruction until there is nothing left. Maybe leftist/marxist sympathizers like Se Rigy will figure this out someday before they're tossed in the camps they tacitly endorse.

      3. It lends ammunition to the people who know it’s time to get rid of the democrats. Hopefully a lot of ammunition.

        1. Putting an out-and-out eco-terrorist over the Bureau of Land management hasn't caused anyone to seemingly as much as blink an eye! So why should this woman be taken any more seriously than the B.L.M. appointee who spiked trees and got loggers and sawmill workers killed and horribly injured?

          1. These people should be in prison, or a landfill. No Ken has a right to be a totalitarian Marxist.

    3. "...Put this commie whacko in charge of our banking?"

      Well, we got droolin' Joe as POTUS!

      1. FJB makes a person miss Nixon.

    4. Fuck Joe Biden

      1. Let's go Brandon!

        1. Hey Brandon let's go and fuck Joe Biden...

          Maybe that didn't come out right but still,

          Fuck Joe Biden

  3. Who put her name on Biden’s desk?

    1. Probably the same one who nominated an ecoterrorist to head Interior and a gun banner who can't define an assault weapon to the DEA.

      1. He was on the evening news the other day. Straight douche. "I don't hate guns! I'm a CCW holder and was on the SWAT team! Angus King is insane!"

        Between his dumb lispy voice, shitty haircut, and the piles of drool on the side of his mouth that's about all I could get out of that one.

        1. Did he mention that he lost his service weapon when he was a DEA agent?

      2. ATF, I think you mean.

        1. ATF, DEA, IRS, all the same...

          1. Truth

          2. Just another among a long list of 3-letter initials totally useless to the people of America.

  4. The Fed would control 'systemically important prices' for fuel, food, raw materials, metals, natural resources, home prices and wages

    Holy shit. What could possibly go wrong?

    1. Who knows? It’s never been tried before.

      1. Uh - Didn't Nixon do something like that?

        1. That was the joke.

          1. Ah, thought it was a general socialism comment.

        2. Didn't Nixon do something like that?

          During Biden's political career, even.

          1. To be fair, approximately 2/3 of America's history overlaps with Biden's political career.

            And FUCK Joe Biden.

            1. He's a walking history of all the stuff the government got wrong, and doing his best to continue.

      2. Not by "the right people".

    2. What could possibly go wrong?

      We are getting closer and closer to fulfilling Trump's prophecy. Mexico will build that wall - to keep Americans out.

      1. It's like that Simpsons episode where they decide to build a wall, and then pay immigrants to do it.

      2. Trump's wall was always about keeping Americans from escaping to Mexico.

  5. Say what you will about old USSR, at least they knew how to make traitors to their country's founding principles disappear.

    1. In glorious former Soviet Union, you don't put your money in a bank vault. You don't have any money.

  6. Jesus. How can someone born in 1966 in the USSR think any of this shit is a good idea?

    1. Note the dates: she graduated the same year the Berlin Wall came down and everything she had known began falling apart.

      What she wants more than anything is to bring the USSR back to life, and Baiden is a lot easier to bamboozle than Putin.

      1. this ^^^ she's totes girl-Stalin.

      2. I once encountered Stalin's granddaughter. At least she claimed to be Stalin's granddaughter. I was manning an LP booth, and she was in a fur coat. She was furious that the LP existed, let alone that hit had a booth at an event. She went out of her way to come over and scream at us about how her granddad was right. Jeepers cripes.

        1. you didn't hit on her?

          1. If she looked anything like her grandfather, not even a blind mule would have hit on her.

        2. I know a TDS-addled asshole known as Brandshit who whined and whined about Trump.

      3. It's as if you were the graduating class from Star Fleet and the Federation was like, "Nah, we are done with star flight." Years of studying to become a starship captain, and it evaporates right as you walk out the door.

        1. Command and Control economies aren't even that great for the ones doing the commanding and controlling. Not economically anyway. But it's not about that. It's about wielding power over others. Though that doesn't appeal to me. Which is the libertarian conundrum: People go into government to have power over others, and libertarians do not seek to have power over others. That's why we never get anything done politically.

          1. Hear! Hear! And there's that old saying about power corrupting, but I've long held that the power attracts the corrupt.

          2. Is that how a leftist likes you sees libertarians?

  7. She would be a horrible Comptroller of the Currency. You can bank on that.

    1. You can teller that, yourself.

      1. After checking I don’t have the interest.

        1. Save it for the motel room you guys need to rent.

          1. ABC wants to make a deposit.

            1. <---- Next Window Please.

            2. That’s the money shot.

              1. The top Prague banker likes to say, “The Czech’s in the male.”

                1. Hopefully, the encounter won't lead to a canceled Czech.

                  1. I got to play with an IBM 1620, Mod I. It had a big red CHECK STOP light. It was just after the Prague Uprising.

              2. I prefer to make my deposit BEFORE I make a withdrawal.

    2. Are you going to coin a new phrase?

    3. You can count on it.

  8. Yes, both sides have embraced big government policies, and the recent "America First" approach embraced by Republicans in recent years should alarm us.

    Not nearly as much as what the fucking Biden admin has managed to achieve in just nine months in office. And not nearly as much as the goddamn Authoritarian Democrats now in charge across large swaths of the country.

    1. I don't recall the previous Administration nominating someone who wants the Federal Reserve to control everyone's money and set the prices for everything. Or even spy on their accounts if they move more than 600 dollars a year in and out of them.

      That's not a "slippery slope", that's the crash at the bottom when your sled hits a brick wall.

      1. hey, comments are working again, only took a day and a half

        1. ^

      2. De Rugy is a TDS-addled asshole; explains a lot.

    2. It is funny to me how a country's desire to look after itself first is somehow an alarming thing. I mean, I think all countries should look after themselves first. This weird aversion to thinking that the leaders of the US should put the US interests first is just bizarre.

      1. If they actually put US people's interests first, that would be a miracle. They actually put their interests first. Somehow that "First ..." moniker has become more.

      2. They want a global government with them in charge, just ruling the US is small potatoes.

        "Imagine there's no countries...a brotherhood of..." well, crap.,.Lennon says 'of man', but there's no way that flies with today's Left.

      3. It's Orwellian for sure - what's bad is good and down is up.

        Or Davisonian perhaps - girls will be boys and boys will be girls, It's a mixed up, muddled up, shook up world, except for Lola.

        La-la-la-la-lola.

      4. Agreed. If America is not going to look after its own interests first, then who is?

    3. So, putting our own interests first is such a bad thing? We are NOT the world's piggy bank. We are not the world's police. We are not the world's welfare! Trump had that exactly right! Take care of ourselves and to perdition with the rest of the world! America first! ALWAYS!

      1. Our military is not the world's freedom fighter force! Look at Afghanistan! They folded and didn't even try to fight for their own country. They turned tail and fled! Countries like that don't deserve our military aid! Keep our military strong by saving our fighting men and women to defend America; not some other foreign nation who hates us to begin with!

  9. It makes her nomination puzzling when it comes from a president elected for being a moderate. It certainly lends ammunition to those who have warned of a slippery slope toward socialism.

    You really haven't paid any attention whatsoever in the past two years, have you?

    1. Socialism or fascism. Those seem to the two choices we have. Evil is evil, even the lesser evil is evil. Especially the lesser evil as it justifies its evil by not being the other evil.

      1. Keep the bullshit excuses coming, TDS-addled piece of shit. You OWN this.

        1. What does "TDS" stand for? Will you please clue an old phart in?

          1. Trump Derangement Syndrome. It's when the thought of Donald Trump being president destabilizes your mind and causes irrational thoughts and psychosis.

            There is no known cure.

        2. Never mind! You're part of the problem! You are a radicalized Democrat! Biden Derangement Syndrome is what's destroying America from the inside!

      2. So the lesser evil is actually the worse evil?

        You better rethink that. Or better yet, just think.

        1. He's still trying to hide his raging TDS by inventing one bullshit excuse after the other.

      3. Yeah, remember how that Fascist Trump used the FBI and the IRS to spy on his political opposition, held political dissidents for months in solitary confinement without charge, had mobs of street thugs attack his opponents, put up barbed wire fence all around the nation's capital and stationed armed troops on every street corner to intimidate dissenters?

        1. You lying sack of feces! Barak Obama weaponized the IRS against political enemies and got caught at it! Quit projecting your evil onto decent, patriotic, God-fearing conservatives! It's old!!!

          1. Methinks thou has missed yonder joke

  10. both sides have embraced big government policies, and the recent "America First" approach embraced by Republicans in recent years should alarm us.

    So if they embraced "Death to America" they'd get Libertarian support?

    1. No. "Individuals first" would be the libertarian position.

    2. The concept that our political leaders should not have the US as their priority is one of the litany of stupid things that has come out of our modern society.

      1. Yes, I will say that the government of America should put America first (before other countries). But in a way that first respects the rights of individuals.

        1. Thing about government is that it serves The Public. Who is The Public? The Public is not you. It's not me. It's like data and anecdotes. We're anecdotes. They pay attention to data. The Will of The People. I don't know what that is, but it certainly doesn't take individuals into account.

      2. The concept of conflating society and government is one evil. The concept of the governing class conflating their wants with government is a second evil.

  11. Look at that picture. It practically screams "communist".

  12. It makes her nomination puzzling when it comes from a president elected for being a moderate.

    Biden was elected for being Not Trump.
    Anyone who read his website and thought he was a moderate didn't read his website.

    1. I'm really tired of this intellectually dishonest framing from most of the press when it comes to Biden. Constant stories that begin with the predicate of "but Joe Biden is a moderate, so this is out of line for him."

      Like no, Biden's not a moderate. Biden's a borderline mentally retarded political hack. He doesn't care about anything but his political legacy. If that legacy is benefitted by him being a moderate, he'll be a moderate. If it is benefited by him being an extremist, he'll be an extremist.

      To ever think he is a true moderate at heart either shows a complete lack of understanding of human nature and politics, or it is done to further the media driven false narrative. Either way, it is not remotely intellectually honest.

      1. The press, upon her nomination, raced to paint Harris as a moderate.

        Kamala fucking Harris, regularly rated among the farthest left senators, whose own campaign was solidly far-left-progressive, from San Francisco, protege of Willie Brown. A moderate. It's what they do, painting obvious progressives as centrist to an extent that borders on gaslighting.

        I'm afraid this is the way it is going to be. No offense to you, of course, but if you're tired of this now you're going to be exhausted after the next couple of years.

        1. "protege" is putting it nicely.

        2. What is through gaslighting on the far side from sane would this border be.

    2. "...Biden was elected for being Not Trump..."

      And he was elected by TDS-addled assholes like De Rugy (and Brandyshit) who are now trying to excuse their infantile focus on personality by claiming "We didn't know!"
      Bullshit.

      1. And Ilya Somin, who said he would vote for Biden because Trump spent too much.

        1. Has he had the decency to apologize?

      2. That’s how I see it too.

        They’re trying to provide cover for themselves being so epically wrong with the now-constant barrage of “but he campaigned on being a moderate” line.

        1. And "Well, Trump wasn't perfect!"
          See sarc and his claim to Olympian purity.

    3. "Anyone who read his website and thought he was a moderate didn't read his website."

      Got that right. He's not doing anything you wouldn't have expected if you'd actually read his campaign website.

      1. And Manchin is a moderate whose voting record is virtually the same as Bernie Sanders. 15 of 16 votes with the Democrat agenda.

        There is no such thing as a moderate Democrat. If there were, the Dems would destroy him.

    4. Hey now, we know Biden did not read Biden's website.

  13. For how much they hate anything that ever came from Ayn Rand, the left certainly loves an Ayn Rand villain when they see one.

    1. So ironic, and so true.

    2. You would think Ayn Rand's villians are gross caricatures, but they are actually the most realistic part of her fiction, unfortunately.

      1. ^ Her heroes may be laughably two-dimensional fantasies, but her villains are dead-nuts on. Especially Mouch.

        1. And starring Anthony Fauci as Dr. Robert Stadler...

          1. Good start for a 'controlled' society.
            I was in no way alone in pointing out that Newsom's power grab in March 2020 was a harbinger and should have been resisted instantly.
            It wasn't; we ended up with a planned economy and if there is anyone who is confused about the result of that, they are indeed poorly educated.

      2. Nailed it

  14. "The Fed would control 'systemically important prices' for fuel, food, raw materials, metals, natural resources, home prices and wages"

    That's not socialism, it's COMMUNISM. Democrats never let the empirical get in the way of their ideology. They are mentally ill.

    1. No, it's fascism. In socialism, the government owns those industries. In fasicism, cronies have the title deeds, but the government tells them what to do.

      1. Doesn't matter what you call it. It's a disaster.

    2. Just when even the stupidest economists finally agreed that price controls will never work, they found the dumbest living person.

      1. She needs to read a history of the 20th century, and the continuing histories of NK, Venezuela and Cuba.
        And then explain why she thinks a planned economy is a good idea.

        1. Ideally, she belongs in prison, or a landfill.

        2. It won't be planned. It will be "managed". By the right people, of course.

  15. "But, but, but it will be different when we do it!"

    -- the people paving the road to Hell

    1. "But, but, but I don't want the good if it's not perfect!"

      TDS-addled pieces of shit like sarc.

    2. Hey, TDS-addled lefty pile of shit, I see you're still ducking those who call you on your bullshit.

  16. As asked above, who is the person who told Brandon that this person was qualified for this office? A year or two ago, lots of folks were worried as hell about who was and wasn't a Russian puppet.
    Now this Soviet admirer pops up and journalists are more concerned with a second rate actor's handling of a firearm.

    1. A year or two ago, lots of folks were worried as hell about who was and wasn't a Russian puppet.
      Now this Soviet admirer pops up and journalists are more concerned with a second rate actor's handling of a firearm.

      Good point - I wonder what would have happened if Trump had nominated a graduate of a literal USSR state university for any position whatsoever.

  17. " I'll admit that for a variety of reasons I never found this extreme version of the slippery slope argument convincing."

    Wow, just the second sentence, and you've already admitted your judgment is provably bad.

    1. Perhaps US history during the '30s and '40s were not required reading in her classes, but FDR's attempts at over-reach should give warning to anyone regarding the possibility of capsizing to port.

    2. Yeah, she's the type of moron that mistakes the math describing reality with reality itself. For economists this means ignoring the incentives that create the interactions and replacing them with their own ill conceived schemes.

  18. A corpse; by virtue if not being able to think, is smarter than this woman.

  19. Omarova is there only to make the next statist nominee look moderate. Even a hack like Austin Goolsby will seem like Ludwig von Mises compared to Omarova.

  20. Yes. It's been definitely wrong to point out that we've been on a slippery slope to socialism, since now we are half-way down the ice covered hill and there is no stopping now.

    In a couple years, people will be yelling, "why didn't someone warn us"!

    1. These will be the people who, as infantile intellects, focused on Trump's personality and tweets rather than his actions and assumed (in their abysmal stupidity) that a nice, warm daddy figure like Biden is much preferable.
      Right, De Rugy, sarc, jeff, Brandyshit, Bohem, and many, many others?
      Hey, TDS-addled piles of shit! We're getting what YOU deserve. You OWN this.

  21. BTW, she could, as accurately, point out that her proposal is an end to prosperity as we know it.
    And, if history is any guide, a beginning of mass deaths, as we know it; De Rugy most surprised.

  22. I don't know why Omarova would want this job when she could have better pay as a Uighur concentration camp commandant not to mention the perk of being able to hear the screams of her victims.

    1. Been to the Taklamakan desert; the Han Chinese occupiers pay only other Han occupiers any sort of wages.

  23. She sounds crazy, but what does the Comptroller do? Isn't it kind of a sinecure?

  24. '... recent "America First" approach embraced by Republicans in recent years should alarm us...' Why? '..a president elected for being a moderate...' No, he was elected by useful idiots (including the writer who is only 'puzzled', instead of being enlightened and alarmed to what is actually taking place), who fully support this Marxist nominee who has declared her intentions to destroy what's left of free market capitalism. Until I listened and read drivel like this, I too, was 'puzzled' how e.g. a 1930's Germany could ever exist. Now I know.

  25. This analysis and many of the comments overstate the authority, and possibly the influence, of the Comptroller to pursue the changes addressed here. The Comptroller certainly is seen as an authority whose opinions and goals are considered important. But their regulatory authority is very limited by statute.

    1. I don't believe most commenters are overstating the authority of the comptroller; more like outrage of such a person having a presidential nomination to a position of "an authority whose opinions and goals are considered important."

      And it is a fucking outrage.

  26. Yet I never wanted to transform the United States into France. In fact, I spend most of my waking moments trying to prevent such a tragedy.

    Ha. Ouch for France.

  27. Biden's Nominee for Comptroller Wants To Put an 'End to Earning a Living as Know It'
    Every cent must go through the government. You earn it, they take it, and give you the stipend they think you deserve. If you work, a little, if you commit crimes against the US like illegal entry a hell of a lot.

  28. Nothing like importing Soviet Communists to the US then letting them hold positions in government. All immigration has been bad for America and Americans. This woman belongs in Central Asia, not the US.

  29. "And all women got very generous maternity benefits. Both things are still a pipe dream in our society!"
    Unless the woman bore a child without the Party's permission, as Olympic figure skater Kira Ivanova found out. You had not only the right but the obligation to have an abortion if the Party decided it was not time for you to have a kid (or if you married an unsanctioned partner).
    Having children when you decide to was a pipe dream in Soviet society.

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