The Soviet Union is Alive at Cornell and in Washington D.C. by Tom Reynolds
Indisputably, Joe Biden has surrounded himself with some of the worst people of any administration in American history. If you doubt it, start with his choice for Vice President. Then go to his nomination of David Chipman to head BATFE. His appointments are all meant to push his failed far left agenda, which includes eliminating all firearms from civilian possession. That his programs have been failures doesn’t stop him from now doubling down. And if he can’t destroy the 2nd Amendment directly, he’ll do it indirectly.
If you thought David Chipman was bad, Biden’s nomination for Comptroller of the Currency, Saule Omarova, is worse than Chipman. She was born in the Soviet Union, got her college degree from Moscow University and now teaches in Cornell University’s Law School. If you knew nothing else about her, that alone should scare you. Not the Soviet Union part – the Cornell University part.
Well, yes, the Soviet Union part should scare you, too. Can there be any remaining doubt that Joe Biden’s Democrat Party is now a Socialist Party?
The Comptroller of the Currency’s job (from its web page) is: “Ensuring a safe and sound banking system for all Americans”. Why is this nomination important to gun owners? Stick with me while we peel back the layers of the onion and you start crying.
She wrote a law review article which gives a strong indication of what she thinks is a “safe and sound banking system”. She writes that she would like to see all bank deposits forcibly transferred to the Federal Reserve. This would wipe out most American banks because they are dependent upon deposits. Per Breitbart, “Community banks, which are most dependent on deposit funding, would be vaporized. Wall Street's biggest firms…would simply dissolve their bank arms”.
The Fed would become the main source of credit in the United States. The average citizen would have no other source of credit for mortgages, car loans and credit card purchases, other than the Fed. Centralized power; government control of credit.
How would this affect the 2nd Amendment? Under Omarova's scheme, the Fed would make credit decisions based on whether bureaucrats decided the loans served a "public purpose." Conform to the left’s agenda or risk being found lacking when it comes to having a “public purpose”. Guess how the bureaucrats in the Washington swamp will feel about credit for gun manufacturers and gun owners?
Shutting off sources of credit has already been tried as a way to attack the gun industry. In March, Citibank announced a company-wide policy impacting small businesses, clients, and credit card partners nationwide. It required them to not sell firearms unless they met the bank’s conditions and prohibiting them from selling bump stocks and high-capacity magazines. In April, Bank of America announced that it will no longer finance companies that manufacture “military-style firearms for civilian use.” Thankfully, the state of Louisiana made these banks back down by excluding them from underwriting Louisiana state bonds (a very lucrative business for these banks). But these prior efforts will be like a .22 as compared to Omarova’s .50 caliber industry killer.
The world runs on credit. Many people buy guns and ammo using their personal credit cards. Almost every corporation – including gun and ammo manufacturers - need credit to exist. And you may have noticed the USA has borrowed $28 Trillion. The Federal Reserve will become the world’s biggest source of credit. And the world’s biggest source of denying credit.
Remember how the Biden administration has been punishing those that resist getting Covid vaccinations? No jab, no job. Think about the Biden administration having control of all credit. For example, gun makers, fossil fuel companies and right-of-center websites would likely be denied credit as not serving the “public purpose” and, therefore, undeserving of credit. Lost jobs mean nothing to the left in their pursuit of absolute power.
There is a danger beyond just that to the 2nd Amendment. One source would make almost every credit decision. Any mistakes would become universal errors spread throughout the economy. Think 2008, but everything fails all at once because there's just one big bank run by government bureaucrats. Doubt it? Read up on the Community Reinvestment Act.
The Federal Reserve was established to be independent of politics. Do you believe the political branches of government would be content to let control of the economy be dominated by Federal Reserve presidents?
SCOPE usually asks gun owners to write their legislators in opposition to proposed gun laws. But the nomination of Saule Omarova to be the Comptroller of the Currency deserves your attention. We defeated Chipman and this is a chance to demonstrate that Biden cannot continue to nominate these radical socialists to destroy America and, with it, the 2nd Amendment.