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Tipsheet

Biden's Communist Treasury Nominee Wants All Bank Accounts to be Controlled by the Fed

In September President Joe Biden nominated Saule Omarova to become comptroller of the currency at the Department of Treasury. If confirmed, Omarova would be in charge of overseeing banking in the United States. 

Omarova believes private bank accounts should be taken over and controlled by the Federal Reserve. 

"Imagine what it would be like instead of just a public option for deposit banking, this would be actually the full transition. In other words, there would be no more private bank deposit accounts and all of the deposit accounts will be held directly at the fed," Omarova said during recent remarks. "How is it politically feasible for the central bank to take money away from people's accounts." 

Omarova has also stated that in order for the country and the world to tackle climate change, governments must bankrupt the oil industry through regulation. 

Omarova is a communist who grew up in the USSR. While in college at Moscow State University on a Lenin academic excellence scholarship, she titled her thesis, "Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital." 

If confirmed, Omarova would be in charge of the Office of the Comptroller of the Currency. The OCC "charters, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks."

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