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Biden Banking Nominee Wants U.S. Energy Companies to ‘Go Bankrupt’

Posted on Monday, November 15, 2021
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by Outside Contributor
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biden's banking nominee

In a newly-uncovered video, President Joe Biden’s nominee to help oversee the nation’s banking system says that if small U.S. oil and gas companies went bankrupt, that would be a good thing.

It’s a suggestion that in the current climate — gasoline prices soaring and some consumers looking at 50 percent hikes in energy costs this winter – may not be such a “good thing” for getting her nomination through a 50-50 Senate.

Saule Omarova, tapped by Biden to run the Office of the Comptroller of the Currency, has been embroiled in controversy since her nomination was first announced. While she did hold a minor role in the George W. Bush Treasury Department, her economic resume is nontraditional at best.

While a student at Moscow State University (Moscow, Russia, not Moscow, Idaho) where she was a “V.I. Lenin Personal Academic Scholarship” recipient, Omarova wrote her thesis on “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital.” Now that she’s been nominated to one of the top financial positions in the administration, Republican senators like Pat Toomey, a Pennsylvania moderate, want her to release a copy as part of the vetting process.

Thus far, she has refused.

“Republicans will overwhelmingly oppose this self-described radical,” Toomey said last month.

Leaders in America’s banking community, from American Bankers Association President and CEO Rob Nichols to state organizations in Montana and New Hampshire, have expressed concerns over Omarova’s nomination.

“Dr. Omarova has an unquestionably impressive personal story and personal journey,” Nichols said last month. “Our issues with Dr. Omarova have nothing to do with her impressive personal background, but rather with her very public support for ‘end[ing] banking as we know it.’ . . . We respectfully—but strenuously—disagree with those positions and believe they are out of step with the role for which she is being considered.”

Now a video of Omarova addressing the Jain Family Institute’s 2021 Social Wealth Seminar in March has raised new concerns.

“Here what I’m thinking about is primarily coal industry and oil and gas industry,” said Omarova in a video clip unearthed by American Accountability Foundation (AAF). “A lot of the smaller players in that industry are going to probably go bankrupt in short order — at least, we want them to go bankrupt if we want to tackle climate change.”

Omarova went on to say that “we cannot afford” the economic fallout and job losses that would ensue if the U.S. were to bankrupt oil companies. But given her progressive politics — she’s proposed having all private bank deposits go to the federal government in order to “democratize money” — her sentiments are hard to ignore.

“This is ludicrous,” says Dan Weaver, president and executive director of Pennsylvania Independent Oil & Gas Association, a membership organization with businesses large and small, some of them family-owned operations. “That idea is preposterous and sickening, to say the least.

“This is a reminder that there are opponents of oil and gas who are in high positions or seeking high positions in the Biden administration,” says Dan Kish of the Institute for Energy Research (IEA) and American Energy Alliance (IER). “I think people see that at the pump. They’ve seen reports that they’re going to pay more this winter.”

The timing of the new revelation is problematic for Biden and his Democratic allies. The White House has taken several high-profile actions to discourage domestic fossil fuel production, even as consumers have been hit with higher gasoline prices and warnings that home heating costs this winter will soar.

The Biden administration even asked OPEC to increase production to help people dealing with high gas and heating oil prices. OPEC declined, leading critics to say the administration should rethink its steps against domestic oil and gas production.

“We’ve already seen Keystone XL pipeline workers lose their jobs, we’ve seen people’s businesses and their family budgets hurt by higher gas prices and ultimately that’s the game,” says Kish. “The game is to drive energy costs to skyrocketing levels and make it very difficult for people to use a kind of energy they use in the hopes that they’ll go and use the stuff that they want to use.

All things considered, Kish says it does not surprise him that somebody connected to the Biden administration feels this way about oil and gas.

“What surprises me is that she mistakingly said it publicly, or at least in a way that became public,” says Kish. “I don’t think she expected it to become public.”

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Eddie Van Halen
Eddie Van Halen
2 years ago

And she has written COMMUNIST papers when in her college “DAZE.”
Send her back to Whoo-han where she belongs, with their FUNGUS.

PaulE
PaulE
2 years ago

This information has been out there for a couple of months now on this nominee. Even some European and South Asian news networks have been airing stories on her. Not surprised the handlers of the Biden administration nominated her. She clearly fits the mold of what they are using to fill most of their senior positions to date. Of course the MSM in this country is running their usual effective ground game to keep the background of this nominee out of the media spot light. You won’t see 2 seconds of coverage on her on any of the mainstream media networks.

If you read some of the papers she has written over the years, it is plain to see she is simply advocating Soviet Union era communism as the benchmark the United States should adopt. Very open and honest about where she stands and her complete distain for capitalism in any form. She absolutely LOVES the Soviet era command and control system of government. A straight up communist through and through.

What surprises me most is that it took AMAC so long to get around to running a brief article on her. I mean she is a posture child for the policies of the modern day “progressive Democrat”, without any of the usual semantic word games so many Democrats still hide behind to try and hide what they really mean to do. Obviously every Senate Democrat on the Banking and Finance Committee will give her the thumbs up. The only real open question is how many Senate RINOs vote to approve her nomination is the spirit of “bipartisanship”? It’s clear that most of the RINOs in the Senate and House still think “strategic retreat” is the path to victory, based on how they are twisting themselves in knots still trying to justify selling out the American people on the so-called bipartisan infrastructure bill.

KatS
KatS
2 years ago

Send her back to Russia.

Mark L
Mark L
2 years ago

Is this a joke? I’m absolutely shocked at the article I just read

Shirley M
Shirley M
2 years ago

I just have to keep reminding myself that God is still on his throne and in control, even in Washington D.C. I pray both parties will have enough sense and love America above self interests to not vote for this self-proclaimed Communist.

Jeanette
Jeanette
2 years ago

Leave Climate Change to God…so far he’s been doing a great job…these people Biden has been finding continue to crawl out from underneath rocks in dark places.

Richard H Minetti
Richard H Minetti
2 years ago

Where do they find these idiots?

MICHAEL RODRIGUEZ
MICHAEL RODRIGUEZ
2 years ago

Amazing , the idea of the nomination of this kind of thinking, to destroy our Economy is not a good idea. To vote Her in would be a Disaster.

MJacobs
MJacobs
2 years ago

It says a lot about Biden that he would nominate a communist!!

Randall McCraney
Randall McCraney
2 years ago

This is no surprise. Biden is a criminal advancing his socialist agenda with his illegitimate administration. Libdems and American socialist are trying to destroy or country! ????

Becky
Becky
2 years ago

Nice. I wonder just how many Communists barack has standing by to fill positions?

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