Controversial Biden bank nominee said 'we want' oil and gas companies to go bankrupt

  

Category:  News & Politics

Via:  texan1211  •  4 weeks ago  •  12 comments

By:   Zachary Halaschak (MSN)

Controversial Biden bank nominee said 'we want' oil and gas companies to go bankrupt
President Joe Biden's pick for a top banking regulatory position said "we want" oil and gas companies to go bankrupt, although she acknowledged the country couldn't afford the loss of jobs.

S E E D E D   C O N T E N T



President Joe Biden's pick for a top banking regulatory position said "we want" oil and gas companies to go bankrupt, although she acknowledged the country couldn't afford the loss of jobs.

© Provided by Washington Examiner

Saule Omarova, a law professor at Cornell University who graduated college in the USSR, has faced pushback over her nomination to be comptroller of the currency from business groups and Republicans, who have said that she is extreme and opposed to the industry as a whole.

A video of her discussing the idea of a National Investment Authority — a new government bureaucracy that would act directly in financial markets to allocate "both public and private capital" to fight social ills — has resurfaced in which she muses about oil and coal companies failing in order to fight climate change.

"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 said as part of the Jain Family Institute's "Social Wealth Seminar" series in March.

BIDEN BANKING PICK DENIES COMMUNIST SYMPATHIES, SAYS CRITICS VILIFYING HER BECAUSE OF KAZAKH HERITAGE

"But that creates a lot of this sort of loss of jobs, a lot of displacement, and economic fallback that we cannot afford, really, so [the National Capital Management Corporation] could actually become a kind of equity investor at that point, taking over management of those companies and basically leading them through restructuring to a new technological basis and to a new technological business model, and in that sense, it's the same type of activity but a different context," she added.

Omarova has faced flak for her theoretical proposals, including a recent paper she authored, titled "The People's Ledger: How to Democratize Money and Finance the Economy," which offers a blueprint for "radically reshaping the basic architecture and dynamics of modern finance."

She is also facing scrutiny for her time at Moscow State, which she attended on the Lenin Personal Academic Scholarship. Sen. Pat Toomey, the ranking Republican on the Banking Committee, requested that Omarova hand over a copy of the thesis she wrote there, titled Karl Marx's Economic Analysis and the Theory of Revolution in The Capital.

Omarova has pushed back on her critics and said that she was an "anti-communist" while attending school in the Soviet Union. She said that criticism for her nomination stems from her gender and Kazakh heritage.

In a recent interview with the Wall Street Journal, Omarova said there is an "unfortunate misunderstanding of my position with respect to community banks."

"I actually am a huge supporter of community banks that channel credit to American families and businesses in their communities," she added.

Her nomination will likely be a heavy lift, given the vocal business opposition and the fact that Democrats cannot afford to lose even a single vote in approving her. Sen. Jon Tester, a centrist Democrat from Montana, has expressed "real concerns" with her ability to serve in the role.

Tags:News, Nominations, Congress, Bank, Climate Change, Biden Administration

Original Author:Zachary Halaschak

Original Location:Controversial Biden bank nominee said 'we want' oil and gas companies to go bankrupt


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Texan1211
Professor Principal
1  seeder  Texan1211    4 weeks ago

All right, who are the idiots who advised Biden to select this?

 
 
 
Sparty On
PhD Principal
1.1  Sparty On  replied to  Texan1211 @1    4 weeks ago

Soros, Rice, AOC, Lizzy "runs with liars" Warren .......

 
 
 
XXJefferson51
Senior Guide
1.2  XXJefferson51  replied to  Texan1211 @1    4 weeks ago

Manchin will never vote to confirm her now after her energy comments.  

 
 
 
Ronin2
PhD Quiet
2  Ronin2    4 weeks ago

And the left likes to claim Trump was a Russian puppet. Oh the irony.

 
 
 
Tessylo
Professor Principal
3  Tessylo    4 weeks ago

© Provided by Washington Examiner

Not a reputable source.

 
 
 
Texan1211
Professor Principal
3.1  seeder  Texan1211  replied to  Tessylo @3    4 weeks ago

At least as "credible" as The Daily Beast!

 
 
 
XXJefferson51
Senior Guide
3.2  XXJefferson51  replied to  Tessylo @3    4 weeks ago

Didn’t you seed from the Daily Beast today?  

 
 
 
Texan1211
Professor Principal
3.2.1  seeder  Texan1211  replied to  XXJefferson51 @3.2    3 weeks ago

Yes, yes she did!

Pot, meet kettle!

 
 
 
Jack_TX
Junior Quiet
4  Jack_TX    4 weeks ago
She is also facing scrutiny for her time at Moscow State, which she attended on the Lenin Personal Academic Scholarship. Sen. Pat Toomey, the ranking Republican on the Banking Committee, requested that Omarova hand over a copy of the thesis she wrote there, titled Karl Marx's Economic Analysis and the Theory of Revolution in The Capital.

This is satire, surely.

 
 
 
Nowhere Man
Junior Participates
4.1  Nowhere Man  replied to  Jack_TX @4    4 weeks ago
This is satire, surely.

I wish it was Jack....

 
 
 
Nowhere Man
Junior Participates
5  Nowhere Man    4 weeks ago

"a National Investment Authority — a new government bureaucracy that would act directly in financial markets to allocate "both public and private capital""

Right out of Das Kapital.... Karl Marx's ideal for government control of finance....

Anyone up for a government takeover of all wealth transfers? {chuckle}

 
 
 
XXJefferson51
Senior Guide
5.1  XXJefferson51  replied to  Nowhere Man @5    4 weeks ago

Not to mention regulations on the banking industry so that they can’t loan to disfavored companies like small oil and gas companies…

 
 
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