By Kenneth Kalczuk, includes “… 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 is right to point out the deficiencies in central banking. Nonetheless, ending traditional banking to fix central banking would be like closing schools to improve student retention.”
Read the full article on: American Institute for Economic Research