End Banking As We Know It?

Read more on this subject: Central Banks/Banking
News Story Source: https://www.zerohedge.com, by Kenneth Kalczuk
The implications of President Biden's recent nomination for the head of the Office of the Comptroller of the Currency (OCC), Saule Omarova, reach far beyond "stricter financial rules." In a forthcoming article for the Vanderbilt Law Review, Omarova expresses her desire to "end banking as we know it" by replacing all private bank deposits with central bank accounts. 

Omarova's proposal, dubbed "FedAccounts," would replace private deposits with central bank accounts as part of her larger plan to "democratize finance." However, such a restructuring would result in greater authority in the hands of unelected officials and an overall loss of financial privacy with no guarantees of greater policy effectiveness. 

Endless Restructuring and Reallocation

On September 23rd, 2021, President Biden announced his intent to nominate Cornell Law Professor Saule Omarova as the next Comptroller of the Currency. As Comp
Read More or Make a Comment

Bookmark the permalink.

Comments are closed.