Sticky Fingered Fed Fanatic Omarova – the Wrong Kind of Bank Boss (John Titus)

“Why would you nominate someone who just wrote a 70-page law review article–arguing that every checking account in the U.S. should be moved out of retail banks and into the Federal Reserve–to head up a bank regulatory agency, namely, the Office of the Comptroller of the Currency? And why would you stick with your nominee after an especially bad Senate confirmation hearing? Who knows? But that’s not our problem–yet. What is of actionable concern is that the OCC nominee in question, Cornell law professor Saule Omarova, has not yet been confirmed by the Senate, and is thus not in a position–yet–to implement a plan that will erase any and all personal control over one’s electronic finances (at least those denominated in U.S. dollars). NOW IS THE TIME TO CALL BOTH OF YOUR SENATORS DEMANDING A NO-VOTE ON THIS DISASTER OF A NOMINATION. What’s that? You lack the motivation for such an effort? Then how about this: once Omarova has all of your electronic bank accounts over at the Fed, she thinks it’d be a good idea to DEBIT those accounts en masse, with no right of appeal by you, to cure all of that not-so-transitory inflation.” (If you are concerned about digital vaccine passports, you should care just as much or more about this form of centralized financial digital control.)

Sticky Fingered Fed Fanatic Omarova – the Wrong Kind of Bank Boss – YouTube

Published by markskidmore

Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times.

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