Although the corporate press has called Joe Biden an ideological “moderate,” the president has repeatedly called for dramatic political changes affecting the US economy, many of which are totally out of step with the views of most Americans.
The most significant of these changes stems from Biden’s deep ties to the globalist “Great Reset” campaign, a movement launched in mid-2020 by the World Economic Forum to “hit the reset button” on society and to “reimagine” capitalism “. The Great Reset has received the support of many world leaders, including Prince Charles, Al Gore, and leaders of the United Nations, the International Monetary Fund, and countless multinational corporations and banks.
While there are several major components of the Great Reset, the three major ways its proponents plan to change the global economy are through (1) major government programs like the Green New Deal; (2) national government requirements that companies adopt environmental, social and governance (ESG) standards; and (3) forcing companies and other institutions to voluntarily adopt ESG measures using massive amounts of “printed” cash from governments, banks and investors.
What is ESG?
The ESG is an alternative business valuation system. Instead of looking only at income, profits, customer satisfaction, debt, quality of goods and services, and other traditional economic metrics, ESG systems assess companies by how “awake” they are.
For example, a company that uses “too much” plastic, emits “too much” carbon dioxide emissions, or does not have the “right” ratio of Asian workers to Hispanic workers – all of whom are real examples of ESG executives – rank lower than another company whose profits might be lower and products of lower quality, but who perform better in the metrics that elites like.
There is a lot of evidence that Biden supports the Big Reset. Most clearly, a member of his own cabinet, the President’s Special Envoy for Climate John Kerry, openly admitted in late 2020 that he and Biden supported the reset. Kerry also promised that under the Biden administration, the big reset “will happen faster and with greater intensity than many people might imagine.”
Since becoming president, the Biden administration has promoted a variety of big reset initiatives, including the sweeping climate and energy programs proposed as part of the “infrastructure” bills still lagging before Congress.
Yet the measures taken by the White House that have the greatest potential to truly “reset” the US economy in the long run are Biden’s decision to appoint several controversial figures for key regulatory roles in his administration. Together, these people could make sure the Big Reset happens, and quickly. Let’s take a closer look at them.
The most radical figure Biden names is Saule Omarova, a Soviet-trained law professor at Cornell University. Biden brought in Omarova to lead the Office of the Comptroller of the Currency (OCC), a leading regulator that aims to “ensure that national banks and federal savings associations operate in a safe and healthy manner, provide access fair to financial services, treat customers fairly and comply with applicable laws and regulations.
Omarova, a strong proponent of centralizing economic decision-making, called for putting much of the consumer banking sector in the hands of the Federal Reserve. She also said she supported the creation of a “permanent federal institution” called the National Investment Authority (NIA). The mission of the NIA would be to “conceive and implement the coherent national strategy of economic development” for the whole country.
In addition, Omarova proposed to Congress to grant the federal government a “golden share”, which she defines as “a wide range of legal arrangements giving the government special, exclusive and non-transferable corporate governance rights. in private companies ”.
If Omarova were to be granted control of the OCC, she would be uniquely placed to help the White House promote or even enforce ESG standards across the country by pressuring banks to demand ESG scores or other similar measures that might be required for a business to gain access to financial services.
Biden’s choice to head the Securities and Exchange Commission (SEC), Gary Gensler, may prove to be Biden’s most important tool in forcing the big reset. Gensler, a former senior member of Hillary Clinton’s 2016 presidential campaign, is a strong advocate for ESG scores. As the head of the SEC, he asked the agency to develop mandatory ESG disclosure rules for companies listed on the US stock exchange, possibly by the end of the year.
The exact content of these disclosure rules remains unclear, but numerous reports and statements from Gensler indicate that, at the very least, it will include requirements regarding climate change.
The OCC and the SEC aren’t the only agencies Biden uses to advance the big reset. In September, the Senate confirmed Rohit Chopra as the next head of the Consumer Financial Protection Bureau (CFPB), a powerful regulatory body that wields considerable authority over the banking industry.
Chopra has a reputation for being extremely hard on the banks and became well known on Capitol Hill for his important role within the CFPB during its early years of existence. Far-left Senator Elizabeth Warren, who was recruited by the Obama administration before being elected to the Senate to help form the CFPB, initially brought Chopra to the CFPB and remains one of its biggest supporters, the ‘calling recently “a fearless champion for consumers.”
According to Quyen Truong, former deputy director of CFPB, Chopra has “a commitment to regulatory activism,” and industry analysts seem to strongly agree that under his leadership, the CFPB will be considerably more aggressive with banks. This is exactly the kind of person Biden would want to lead the CFPB if he seriously considered using the banks to advance left-wing causes, a key part of the Big Reset.
Perhaps more importantly, the CFPB under Chopra has pushed the false narrative that lending practices and credit rating have been infected with “racist and discriminatory policies” that justify sweeping changes in the financial industry. While there are many ways this perspective could be used to advance Biden’s reset, one of the most radical is the Biden administration’s plan to reduce racial disparities by mandating an “assessment.” inclusive credit ”and creating a“ public credit assessment agency ”.
The new credit rating agency would be housed within Chopra’s CFPB and would give the government responsibility for formulating and amending credit scores. It’s not hard to imagine how such a system could be abused and ultimately turned into a government-controlled personal ESG rating system, one that would provide some groups with financial advantages over others, all in all. in the name of fighting climate change or correcting racial disparities.
The Biden administration is building the infrastructure necessary to ensure that the vision promoted by supporters of the Great Reset becomes a reality in the United States. And by the end of Biden’s first term, the only way to reverse the damage might be for Congress to destroy some of the most important offices and regulators currently infected with ESG executives and endowed with ESG supporters.