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Biden’s Banking Nominee Calls to Eliminate All ‘Private Bank Accounts’

Joe Biden’s nominee for the Office of the Comptroller of the Currency (OCC) is Saule Omarova.

Omarova has been described by her critics as a “literal communist.”

During a virtual conference in March 2021, Omarova called for the elimination of all private bank accounts and deposits.

During her speech, she directly stated, “There will be no more private bank accounts, and all of the deposit accounts will be held directly at the Fed.”

Omarova’s central goal is to “redesign” the financial system and make the economy “more equitable for everyone.”

Instead of having private bank accounts, all bank deposits would be transferred to “FedAccounts” at the Federal Reserve, according to Omarova’s published papers on the issue.

This would change the “private-public power balance” and democratize finance to a more systemic level, she claims.


Omarova provided an explanation of her papers while speaking at the Law and Political Economy (LPE) Project’s “Law & Political Economy: Democracy Beyond Neoliberalism” conference in March.

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Republicans oppose Omarova’s nomination so she made not successfully gain the position in power.

Senator Steve Daines criticized Omarova for supporting “Communist ideals.”

Daines says this disqualifies her for the position.

“Republicans will overwhelmingly oppose this self-described radical,” Sen. Pat Toomey said.

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