Omarova could bring extreme vision to key economic post

Recent Democratic overruns in Washington extend from ongoing tax and government spending bills to administration candidates for executive positions that impact our economy.

A glaring example of the latter is the appointment of Saule Omarova to the post of Comptroller of the Currency for a five-year term. Throughout her career, Omarova has demonstrated a deep loathing for free enterprise and a corresponding predilection for dramatically failing economic policies.

The OCC is an independent office of the Department of the Treasury which “establishes, regulates and supervises all national banks, federal savings associations and federal branches and agencies of foreign banks.” This regulatory power extends to more than 1,100 banks.

The power of the OCC grew, correlating with the growth of the concert economy. As Bloomberg Businessweek explains, “In addition to regulating national banks, the head of the OCC has an important role to play in setting policies for burgeoning areas of finance that receive little government oversight. . This includes setting rules for cryptocurrencies and app-based financial companies that increasingly compete with traditional banks. “

Omarova is a strong advocate for a dramatic increase in the reach and power of the Federal Reserve, the central bank of the United States. She supports a proposal that the government issue “free” deposit accounts to all Americans through the Fed and administered by the US Postal Service.

In fact, Omarova recently expanded on this proposition, writing that the ultimate “end state” would be that “FedAccounts entirely replace – rather than compete with – private bank deposits.”

The scheme Omarova envisioned would mean that every American would be forced to consolidate their consumer deposit accounts – the current accounts and savings accounts most Americans use – within the Federal Reserve. The federal government would thus eliminate all competition from the market, a huge takeover that would end up hurting average Americans and all banking consumers.

The plan to give the Federal Reserve more economic power is not an outlier. Omarova’s preference for a massive increase in federal government power was also exposed in a 2016 newspaper article, in which she pleaded for the government to determine commodity prices for items such as ” fuels, foodstuffs and certain other raw materials ”, as well as“ wage or wage indices ”.

So far, the confirmation process has become bogged down in personal attacks and innuendo. Republicans have used Omarova’s status as a graduate of a Russian university through a scholarship named in honor of Vladimir Lenin – the brutal dictator behind communism – as an argument against her. They asked to see a copy of his thesis focused on Karl Marx’s economic analysis.

For Democrats, supporting Omarova could entail political peril, especially if the debate is properly framed. Senators Raphael Warnock (Ga.), Catherine Cortez Masto (Nev.) And Krysten Sinema (Arizona) all sit on the Banking, Housing and Urban Affairs Committee and will play a key role in Omarova’s nomination. Warnock and Cortez Masto could face tight races in 2022, while Sinema’s conscience of her swing state constituency has led her to reject some of the more sweeping proposals made by her progressive colleagues.

In self-defense, Omarova said of her thesis: “I was in the Soviet Union, where there was no academic freedom, and it was a compulsory subject. She also said, “I know Soviet-style communism doesn’t work. I lived it. This system was deeply flawed. It’s dead.”

Since these explanations are at least plausible, Republicans would do well to focus on the substance behind Omarova’s dedication to economic practices that history has claimed are counterproductive in increasing opportunities and prosperity for them. ordinary people.

Real-world evidence shows the failures of the command and control economy, and that’s more than enough to sound the alarm bells about the appointment of Willow Omarova.

Mario H. Lopez is President of the Hispanic Leadership Fund. This column was provided by

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