Was wondering the same and did a little digging. Here’s an NPR piece.
One of a few pieces you can find about her thinking. I assume Biden picked her as a nod to the progressive wing - she seems on the Elizabeth Warren end of the spectrum on financial regulation, and is considered a scholar on the subject.
I can’t quite get a handle on her Federal Reserve idea - basically, it is for the Federal Reserve to offer deposit accounts to US citizens. In looking around I have seen it described as a way to grease the skids in a 2008-type financial crisis, or a bank of last resort for those who do not have access to traditional commercial banks, or a program to completely undermine private banking in this country and make the Fed the only option.
I can’t say I’m in love with her Fed idea, but I don’t think I fully grasp it. It is more than an academic exercise though - a proposal she herself apparently described as a radical departure from our current banking system. But I don’t believe this role would give that kind of power as basically the top banking cop. [Post edited by hoolstoptheheels at 11/18/2021 5:03PM]
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In response to this post by Beerman)
Link: https://www.npr.org/2021/11/18/1056252505/saule-omarova-occ-treasury-nomination-confirmation-hearing-criticism
Posted: 11/18/2021 at 4:59PM