Friday, November 12, 2021 by Mary Villareal
Saule Omarova, President Joe Biden’s nominee for Comptroller of the Currency, said that the government needs to bankrupt the entire energy sector to impose climate change initiatives.
The Biden administration put a strong emphasis on combating climate change since the president took office. He immediately halted construction on the Keystone XL Pipeline and said that through his $1.7 trillion budget for the Build Back Better Act, he aims to reduce U.S. oil reliance and greenhouse gas emissions.
Biden’s move backfired as gas prices hit a seven-year high after the post-pandemic market increased demand, causing shortages that later spiked inflation.
In a resurfaced video from February, Omarova said that she supports the idea of energy industries going bankrupt to combat climate change. The Cornell University law professor made the remarks during a “Social Wealth Seminar” hosted by the Jain Family Institute, a nonprofit research organization.
In the video, Omarova specifically pointed to coal, oil and gas industries, adding that “a lot” of the “small players” are probably going to go bankrupt in short order. “At least we want them to go bankrupt if we want to tackle climate change, right?” she asked.
During her presentation, Omarova was making the case for a National Investment Authority (NIA) – a proposed federal agency that would work with the federal government as well as the Department of Treasury to allocate public and private capital to green infrastructure companies.
She said: “The NIA will be able to negotiate equity stakes in private enterprises that receive that public aid, be it part of the systemic bailout or be it part of … individual restructuring help, for example, for certain troubled industries and firms that are transitioning.”
However, she added later that the prospective bankruptcy of traditional energy companies would create a loss of jobs and “a lot of displacement” that the country cannot afford.
In announcing her nomination for the post of Comptroller of the Currency in September, the White House said: “She is one of the country’s leading academic experts on issues related to regulation of systemic risk and structural trends in financial markets.” Part of her job involves regulating and supervising all national banks and savings institutions, as well as foreign banks in the United States.
Biden tapped Omarova, a former Communist youth leader from Soviet Kazakhstan, to be his comptroller last September. However, her confirmation hearing before the Senate has not been decided yet, as officials have issues with her Marxist background.
Three Senate Democrats have aired their concerns about the nomination: Senators Jon Tester of Montana, Kyrsten Sinema of Arizona and Joe Manchin of West Virginia. Manchin, in particular, is not supportive of Omarova’s comments regarding the demise of the fossil fuel industry, especially as this directly affects West Virginia’s coal industry.
Meanwhile, Republicans will “overwhelmingly oppose this self-described radical,” said Pennsylvania Senator Pat Toomey. Last month, Tomey demanded that Omarova turn over a copy of her university thesis in both English and the original Russian for review by the committee, as she focused on Marxism and revolution in her work. However, it is said that the Russian university destroyed its only copy of the thesis.
Omarova recently denied having Communist sympathies, saying that there was no academic freedom in Russia. She said it was unfair to judge her by what she wrote as a Soviet undergraduate student. “I was in the Soviet Union, where there was no academic freedom, and this was a mandatory assigned topic. What I wrote in that paper has nothing to do with what I believed in then or in what I believe in now.” (Related: Red alert: Biden’s USSR-loving pick for currency comptroller is planning the total destruction of our economy.)
American Accountability Foundation founder Tom Jones condemned Omarova’s comments, saying that calling to bankrupt the fossil fuel industry, which drives nearly the entirety of the U.S. economy is “dangerously misinformed.”
“Yet the Biden administration is nominating zealots like Saule Omarova to serve in our government as they attempt to destroy American energy jobs and stifle innovation,” he added.
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