By running for the presidency, Joe bidenJoe BidenHow ‘Buy American’, Other Pro-American Policies Can Help Defenders Adopt Ambitious Climate Policies Overnight Defense & National Security – Presented by Raytheon Technologies – Biden looks back at Taiwan Photos of the Week: Manchin protester, Paris Hilton and a mirror room PLUS campaigned as a moderate blue collar worker from Scranton, Pa. carrying a packed lunch. and political power.
The most recent example is Biden’s appointment of Cornell law professor Saule Omarova to head the Office of the Comptroller of the Currency, a branch of the Treasury Department.
Omarova is a controversial choice. Born in the former Soviet Republic of Kazakhstan, Omarova was educated in the Soviet Union, graduated from Moscow State University in 1989, and as recently as 2019 she openly made the praise of various Soviet policies.
Omarova’s university thesis sounded the alarm. Although no one knows exactly what she wrote in her thesis, her title “Karl Marx’s Economic Analysis and The Theory of Revolution in Capital”, added to her refusal to hand the document to members of the Senate Committee banks, has led many to believe that Omarova’s views on Marx are at odds with the largely pro-market sentiments of Americans.
Even more relevant, Omarova called for moving most of the mainstream banking sector from private institutions to the Federal Reserve.
According to previous statements, Omarova’s vision for transforming the US economy involves a significant centralization of investment and banking, putting a new public institution in charge, directly or indirectly, of virtually all economic activity. In a lengthy interview with MSNBC host Chris Hayes in 2020, Omarova described some of her most far-reaching proposals for reshaping the United States.
After complaining that the current financial system is not doing enough to ensure that private institutions prioritize issues like climate change, Omarova told Hayes that a new federal agency should be created to restructure the American economy in order to make it
âMore resilient in the face of shocks, major pandemics, major climate changes, whatever type of shocks we experience, we have resources that we can mobilize and reallocate in the way we need them. “
The public institution proposed by Omarova, which she called in her interview with Hayes as the National Investment Authority (NIA), would be a “public entity that acts directly in the financial markets and acts as a capital investor. -risk, as a private equity investor, as a lender, as a guarantor, as an insurer, to facilitate, not only for public capital but for private capital, the inflow of capital to more sustainable industries rather than dying industries.
Like the Federal Reserve, the National Investment Authority would have a board of directors consisting of seven to nine members appointed by the president for terms of 10 to 12 years.
Through âspecial federal chartered state corporations,â Omarova’s NIA would provide banking and investment services directly to industries and projects promoted by the federal government. He would indeed become, in his words, “the asset manager, like a private equity firm, like a venture capital firm like BlackRock”, except that instead of being run by individuals and groups , it would operate on behalf of the collective, with the full faith and credit of the US government.
Omarova imagines the NIA as the American âpublic managerâ who âwill selectâ investment projects for the country, but ânot on the basis of what is most profitable in the next five years, in the next seven yearsâ.
The federal government is “in a position to make this kind of decision,” Omarova added, because it does not have to worry about short-term financial losses; it can simply finance the debt through printing money and taxes.
The idea that Omarova may soon be overseeing one of America’s most important financial regulators is shocking. But even if Omarova is rejected by the Senate – a very real possibility given that some Senate Democrats have expressed serious concerns about her appointment – that the White House even sees her as the head of a key regulatory body. reveals that the Biden administration is interested in fundamentals. transformations in the US economy, not moderate policies that would unite the country.
If Omarova’s ideas are implemented, a politicized board of central planners would be effectively empowered to rule over American society and eliminate many of the freedoms inherent in our free market economic system.
Justin haskins ([email protected]) is the director of the Stopping Socialism Center at the Heartland Institute and the co-author, with Glenn Beck, of the forthcoming book, “The Big Reset: Joe Biden and the Rise of 21st Century Fascism. “