In Saule Omarova’s world, America only really needs one bank—the Federal Reserve. Omarova, President Joe Biden’s nominee to be one of the top banking regulators, has proposed such drastic expansion of government control over finance that it’s leaving some experts scratching their heads over whether the administration is serious about her nomination. …It would be best, she outlined in a series of articles and papers, to virtually abolish private banking. Every American would have a bank account set up at the Fed and authorities would be free to inflate the currency by issuing interest on the deposits or even crediting the accounts directly. To counter inflation, the Fed could also slash interest rates or even, if all else fails, take away people’s money as needed, she proposed in a recent paper (pdf). [It would have control over your purchases- homes, autos, school loans….]
