Article II, Section 2, of the Constitution provides that the President shall appoint officers of the United States “by and with the Advice and Consent of the Senate. Contact your Federal Representatives and tell them Do Not Confirm this nominee.
“In a 69-page article published this month in the Vanderbilt Law Review, Omarova argues that all bank deposit accounts should be transferred to the Federal Reserve and placed in FedAccounts, eliminating the source of funds used by local banks to make loans to businesses and private individuals.
In addition, she proposes to allow the Fed in “extreme and rare circumstances, when the Fed is unable to control inflation by raising interest rates,” to confiscate deposits from these FedAccounts to firm up monetary policy.
Also, she proposes eliminating the Federal Deposit Insurance Corp. that insures bank deposits. Some say it would in effect nationalize banks in the United States, and the end result could mean the closing of thousands of local banks and limiting the availability of credit and banking services to tens of millions of Americans.”
“U.S. Sen. Bill Hagerty (R-Tenn.) is hardly enthusiastic about this particular nominee. “President Biden’s choice for banking regulator is a Marxist academic who wants to destroy the American banking and energy sectors and implement socialism in the United States, proving once again that this White House is beholden to the radical left elements of the Democrat party,” he said…
Senators Jon Tester (D-Mont.), Joe Manchin (D-WVa.) and Kyrsten Sinema (D-Ariz.) reportedly have concerns about the nomination, however. Tester and Sinema serve on the banking committee.
In the past, Omarova seemed to speak approvingly of oil, natural gas, and coal firms going bankrupt to prevent climate change.
In October, U.S. Sen. Pat Toomey (R-Pa.) insisted that “I don’t think I’ve ever seen a more radical choice for any regulatory spot in our federal government.”
“… her nomination has drawn praise from the far Left, who have wanted Biden to take a more progressive stance on economic policy than he has so far.
Sen. Elizabeth Warren praised Biden’s selection of Omarova in September, saying the Cornell University professor was “an excellent choice to oversee and regulate the activities of our nation’s largest banks.”