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President Joe Biden’s nominee for the Office of Comptroller of the Currency, a position within the Treasury Department, previously called for the elimination of all “private bank accounts.”

Omarova, a Cornell University law professor who attended undergraduate school in Moscow, Russia, on a “Vladimir Lenin Scholarship,” is an advocate of major changes to the financial system. Her nomination is pending in the Senate as of November 15, due to her previous affiliations and statements. The Comptroller of the Currency oversees the nation’s banking system.

“There will be no more private bank accounts, and all of the deposit accounts will be held directly at the Fed,” Omarova said in a March 2021 speech.

She made the comments during a “thought experiment” about what would happen if the United States implemented the ideas found in her paper on transforming the financial system. Read more…