utah.bank 2 The Bottom Line Howard Headlee President and CEO Utah Bankers Association From this point forward, bankers can’t look at the political process the same. Everything changed the moment the President of the United States of America nominated Saule Omarova to be the top banking regulator. This is a person who is vocal about wanting to eliminate the U.S. Banking system as we know it. Some found her views to be shocking, but for me, they confirmed everything I’ve been watching for the last 15 years or so. The fact is, she is NOT the only person inside the beltway that wants to eliminate banks. The banking industry plays a central role in the allocation of capital in the most successful free-market economic system in the world. Every day, thousands of independent banks and credit unions make millions of decisions that distribute capital for the best and highest uses in the economy. It has worked brilliantly and produced the greatest economy in the history of the world. However, over the past 18 months, it has become clear that powerful and vocal elements in our society want to change everything about our economy, and in order to do that, they have to get rid of the banks! These radicals believe that only the government — controlled by them — is worthy of deciding who gets credit and who does not. They believe that they can never implement the kind of broad economic changes they seek until they control the allocation of capital in the economy. These beliefs have been underpinning all the disastrous banking policies they have been promoting for the last 15 years; Omarova is just the first one to publicly explain what they are up to. Omarova’s nomination makes it clear why Elizabeth Warren has been quietly destroying small banks through outrageously
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