October 18, 2021

There are so many things to make us anxious these days.  One thing we’ve taken for granted in North Carolina is the sound management of our public funds by the State Treasurer’s office.

Going back to Treasurer Harlan Boyles’ long legacy of leadership and integrity (1977-2001), we have had not had to worry about public money as subsequent Treasurers have aspired to his high bar of able and dedicated leadership. Current State Treasurer Dale Folwell also has a passion for protecting the public’s dollars and has created a public trust level all of his own.

So when we look at what’s going on at the national level with our money, we are shocked and concerned.

There was the disconcerting announcement from the Biden administration proposing that the IRS should start collecting information on all bank accounts that exceed $600 in transactions so they would have information on the total amount of money deposited and withdrawn from personal and business accounts each year.

This created an immediate outcry from American citizens already concerned about federal government overreach in various aspects of the COVID pandemic government mandates and control.  Many government leaders sounded off about the violation of privacy that would result when citizens would be forced to provide their personal financial records and why they would need to provide that kind of private information on their transactions when they had done nothing wrong.

Then there was the news that President Biden’s pick to be the Treasury Department’s comptroller of the currency is a professor born in the U.S.S.R. who has “praised the former Soviet Union’s lack of a gender pay gap while recently advocating for ending banking ‘as we know it’ by moving Americans’ finances from private banks to the Federal Reserve,” according to the New York Post.

The Biden administration job to be held by the Cornell University professor, Saule Omarova, oversees the nation’s biggest banks and federal savings associations.

Is it any surprise that criticism of her has included that her goal will be “radically reshaping the basic architecture and dynamics of modern finance,” and that even Biden Treasury Secretary Janet Yellen has expressed concerns about her.

The Wall Street Journal headline about Biden’s pick, Ms. Omarova, stated:  “BIDEN’S NOMINEE REALLY, REALLY HATES… BANKS.

The New York Post article quoted Rep. Patrick McHenry (R-NC), ranking member on the House Financial Services Committee, who said Biden was “placating his radical base” with the nomination.  “President Biden is once again placating his radical base by nominating Saule Omarova as the head of the OCC.  I am concerned Professor Omarova will prioritize a progressive social agenda over the core mission of the OCC — supervising and managing risk in our financial system.”

McHenry continued: “Our financial regulators must focus on pro-growth policies that foster innovation to build a robust and inclusive economic recovery, rather than Democrats’ obsession with vague social objectives.”

It seems like every day something else comes out in the public square from the Far Left that simply does not make sense.

With all the swirl in recent years of the Russians turning up the pressure on the U.S. – why would Biden pick someone with that background – a child of Soviet socialism – to run our economic system?  She may be the most competent person in the world, but it sure doesn’t pass the smell test.

Makes me glad to know our State Treasurer was born in Raleigh.