Biden’s Top Banking Nominee calls to eliminate all ‘Private Bank Accounts’
Saule Omarova, Joe Biden's nominee for the Office of the Comptroller of the Currency (OCC), called to eliminate all private bank accounts and deposits. Omarova discussed one of her papers, "The People's Ledger How to Democratize Money and Finance the Economy," which would help "redesign" the financial system and make the economy "more equitable for everyone."
Her paper calls for eliminating all banks and transferring all bank deposits to "FedAccounts" at the Federal Reserve. During her conference speech, she said, "There will be no more private bank accounts, and all of the deposit accounts will be held directly at the Fed."
Omarova said her proposal would give the Fed more "proactive" monetary policy tools, such as "helicopter money." She also pondered how the Fed could "take money" from Americans during an inflationary environment.
A former senior government official told Breitbart News that if the Senate were to confirm Omarova, she would have the "most powerful, least accountable" position over America's banking system.