News Analysis In Saule Omarova’s world, America only really needs one bank—the Federal Reserve. Omarova, President Joe Biden’s nominee for one of the top banking regulators, has proposed such drastic expansion of government control over finance it’s leaving some experts scratching their heads over whether the administration was serious about her nomination. A descendant of Kazach intellectuals persecuted by the Soviet regime, Omarova saw firsthand the effects of a tyrannical state. However, that doesn’t appear to have tempered her vision of expanding the power of the state in America. It would be best, she outlined in a series of articles and papers, to virtually abolish private banking. Every American would have a bank account set up at the Fed and authorities would be free to inflate the currency by issuing interest on the deposits or even crediting the accounts directly. To counter inflation, the Fed could also slash the interest …