Say Goodbye to your Bank Account

Saule Omarova, Senate Confirmation Hearing

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Never has there been so perfect an example of one person exemplifying an entire administration like the nominee for the Comptroller of the Currency, Saule Omarova. She is a Kazakh-born, soviet-educated professor who specializes in finance and banking. But Omarova is not just another far left progressive, this woman wants government takeover of bank accounts and social issues to affect the money supply.

 On Thursday, Saule Omarova had her confirmation hearing with the Senate Banking Committee. The members were very impressed by her resume, and her “social credit score”–she checks several boxes as an Asian, immigrant, and female. What they couldn’t agree on is her history of advocating for central control. Is that the real Omarova? Or is she a freedom-loving capitalist whose words have been taken out of context?

First, consider her bona fides:

  • Omarova was a proud member of the Komsomol, the Young Communists organization, as a child
  • Attended Moscow State University on the Lenin Personal Academic Scholarship
  • Wrote a thesis called, “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital”
  • Earned an undergraduate degree in philosophy, with honors in 1989, from Moscow State University
  • Earned a law degree in the US and practiced law here 
  • Selected by the George W. Bush administration as a special advisor on regulatory policy to the Under Secretary for Domestic Finance 

Interestingly, Omarova went from being short of cash in 1995 (she was arrested for shoplifting) to a net worth of $1.5 million today. Only in America!

The shoplifting police report was released by American Accountability Foundation. Omarova stuffed stolen items from TJ Maxx, including shoes, socks and cologne worth $214, into a large purse and hid them by covering the bag with other items. The case was dismissed in 1996 under Wisconsin’s First Offender program.

The White House quickly defended Omarova as an ’eminently qualified’ candidate and described the case as a “misunderstanding and confusing situation.” 

Alarming Beliefs

During the hearing, Omarova tried to set herself apart from the alarming beliefs she has written or stated publicly. She defended the indefensible by insisting that what is written for academia is merely exploratory—not to be taken literally. As a regulator, she would simply enforce the laws that Congress creates.

Let’s remember this nominee was chosen by an administration that said they would never mandate vaccines, would never give $450,000 to illegals, insists we have a “closed border,” and promises that multi-trillion dollar budget programs will pay for themselves by “taxing the rich” and catching tax cheats.

 It should not be surprising that Omarova denied having said she hoped to bankrupt small energy companies in order to affect climate change; she insisted that her statement was poorly worded and taken out of context.

  • When asked to explain, Omarova said we need to think “collectively” to help energy sector workers transition into different fields. That is word is straight out of the communist manifesto.

The nominee says she does not have any affection for Marxist ideas and “comes from the people who were oppressed and persecuted under communism.” She wants every community, every American to have access to credit. Omarova insists she would be a regulator who follows the law, which brings us a question by Sen. Mike Rounds (R-SD). He asked her to explain the term “socially suboptimal practices,” used on page 1272 of one of her papers.

Omarova skirted the question and didn’t answer for a very important reason. The term “socially suboptimal practices” iscode for government censorship of certain types of businesses.

  • A glaring example would be the Department of Justice’s Operation Chokepoint, created in 2013 to keep law-abiding businesses from their banks. The Obama Administration classified firms like firearm dealers, payday lenders, pawn shops as high risk for fraud and money laundering then asked banks to “choke off” their access to financial services. These firms lost their bank accounts without ever having violated the law.

Saule Omarova’s alarming philosophy and education will do nicely in a Biden Administration, where the first thing Biden did as president was to sign an executive order cancelling the permit for the Keystone XL Pipeline. Ten months later, we’re paying nearly twice as much for gas as we did under Trump, and inflation is at a historic high.

Besides hoping to bankrupt energy firms, Omarova advocates:

  • Replacing the free market with federal regulation of food prices and worker wages 
  • Moving all banking out of private control and into the hand of the federal government
  • Creating a new public institution to control the money supply and restructure all economic activity in the US

This new institution would be a second Federal Reserve that acts as a venture capitalist, a private equity investor, a lender, an insurer/guarantor to ensure that private capital flows into sustainable industries and away from “dying” industries—like coal, gas, and oil. Omarova proposes this be called the National Investment Authority (NIA), and have it select investment projects for the nation without worrying about financial losses in the near term; it can simply finance the debt through money-printing and taxes.

Sounds like a national pyramid scheme! 

Senators Brown, Toomey, Scott

Sen. Sherrod Brown (D-OH), Chairman of the Banking Committee says Omarova is the victim of a media smear campaign. He says she is the most qualified candidate ever, and that she is not a communist. Brown accused Republicans of turning her into a Marxist boogeyman, and said it is Trump-ism meets McCarthyism. 

Sen. Toomey (R-PA) hit back saying he had read her writings and watched her videos. Although knowledgeable, she is the most radical federal regulator nominee he had ever seen, and the position of Comptroller is a very powerful position. 

Why this Matters: Perhaps the most effect statement came from Sen. Tim Scott (R-SC):

  • “Honestly, I can’t think of a nominee more poorly suited to be the comptroller of the currency based solely on your public position statements and the weight of your writings… I don’t have any questions for you because there isnothing you have said today to undo what you have said for years, including this year.”

The next step for this nominee is Committee approval, then she will advance to a vote by the full Senate, which is split 50-50, with VP Harris casting the final vote. At this point, it is in God’s hands. 

How to Pray: Ask God to stop this dangerous confirmation. Pray for the ship of state to turn back to godly principles. Continue praying for Kyle Rittenhouse and the outcome of the trial. May God’s will be done.

Phil. 3:1,13-14 – Finally, my brethren, rejoice in the Lord. To write the same things to you, to me indeed is not grievous, but for you it is safe.

Brethren, I count not myself to have apprehended: but this one thing I do, forgetting those things which are behind, and reaching forth unto those things which are before,I press toward the mark for the prize of the high calling of God in Christ Jesus.

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