90 Miles From Tyranny : I Wish The OCC Nominee Would be OPP

Tuesday, October 26, 2021

I Wish The OCC Nominee Would be OPP

OPP: Other Peoples Problems, What Did You Think I Meant? This?:

Biden bank regulator Saule Omarova's nomination in jeopardy as she faces trouble in Banking Committee

Joe Biden's nominee to run the Office of the Comptroller of the Currency (OCC) may face trouble making it out of the Senate Banking Committee as Republicans target her nomination as the next potential Biden pick to block.

That nominee is Saule Omarova, a Cornell Law School professor who has a history in private law practice and who worked in the Treasury Department under former President George W. Bush. She also has a history writing about Marxism, calling the banking industry she would regulate in her potential new job the "quintessential a------ industry," and calling for an end to banking "as we know it," by "the complete migration of demand deposit accounts to the Federal Reserve."

Demand deposit accounts are the standard checking and savings accounts most Americans have with private banks.

Republicans, spearheaded by Senate Banking Committee Ranking Member Pat Toomey, R-Pa., are aggressively highlighting these elements of Omarova's history as they put up staunch resistance to...

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  1. The argument for transferring checking accounts to the Fed is that banks make a lot of money from the "float" on checks; money they do nothing to earn while they hold onto money they don't own. This was marginally acceptable many years ago, when processing was manual, took time, and cost some money. Those days are long gone, but the "float" somehow still remains.

    Of course, there's better ways to ditch the float that don't involve the government holding all our money. But that's not why the banks' bought-and-paid-for senators object to Omarova's plans.

  2. More bread and circuses. Lets get the party started.


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