Despite the corporate press framing Joe Biden as an ideological “moderate,” the president has repeatedly called for dramatic policy changes affecting the U.S. economy, many of which are totally out of step with the views of most Americans.
The most important of these changes stem from Biden’s deep ties to the globalist “Great Reset” campaign, a movement started in mid-2020 by the World Economic Forum to “push the reset button” on society and to “reimagine capitalism.” The Great Reset has received the support of numerous world leaders, including Prince Charles, Al Gore, and the heads of the United Nations, International Monetary Fund, and countless multinational corporations and banks.
Although there are several large components to the Great Reset, the three primary ways its supporters plan to change the global economy is through (1) large government programs like the Green New Deal; (2) requirements from national governments that companies adopt environmental, social, and governance (ESG) standards; and (3) by coercing corporations and other institutions to willingly adopt ESG metrics using massive amounts of “printed” cash from governments, banks, and investors.
What Is ESG?
ESG is an alternative system for evaluating businesses. Instead of looking solely at revenues, profit, customer satisfaction, debt, the quality of goods and services, and other traditional economic metrics, ESG systems score companies based on how “woke” they are.
For example, a company that uses “too much” plastic, emits “too many” carbon-dioxide emissions, or doesn’t have the “right” ratio of Asian to Hispanic workers—all of which are real examples from ESG frameworks—would be ranked lower than another company whose profits might be smaller and products of a lower quality but who scores better in the metrics that elites value.
There is a good deal of evidence proving that Biden backs the Great Reset. The clearest is that a member of his own cabinet, special presidential envoy for climate John Kerry, openly acknowledged in late 2020 that both he and Biden support the Reset. Kerry also promised that under the Biden administration, the Great Reset “will happen with greater speed and with greater intensity than a lot of people might imagine.”
Since becoming president, the Biden administration has promoted various Great Reset initiatives, including the expansive climate and energy programs proposed as part of the “infrastructure” bills still limping their way through Congress.
Yet the actions taken by the White House that have the greatest potential for truly “resetting” the U.S. economy in the long run are Biden’s decision to nominate several controversial figures for key regulatory roles in his administration. Together, these individuals could ensure the Great Reset occurs, and quickly. Let’s look at them a bit closer.
The most radical figure nominated by Biden is Saule Omarova, a Soviet-educated law professor at Cornell University. Biden tapped Omarova to run the Office of the Comptroller of the Currency (OCC), an important regulatory agency that aims to “ensure that national banks and federal savings associations operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.”
Omarova, a strong advocate of centralizing economic decision-making, has called for putting much of the consumer banking industry in the hands of the Federal Reserve. She has also said she supports the creation of a “permanent federal institution” called the National Investment Authority (NIA). The NIA’s mission would be to “devise and implement the coherent national strategy of economic development” for the entire country.
Additionally, Omarova has proposed Congress give the federal government a “golden share,” which she defines as “a wide range of legal arrangements giving the government special, exclusive, and nontransferable corporate-governance rights in privately owned enterprises.”
If Omarova were to be granted control over the OCC, she would be situated perfectly to help the White House push or even mandate ESG standards throughout the country by putting pressure on banks to require ESG scores or other, similar metrics that could be required for a business to receive access to financial services.
Biden’s choice to run the Securities and Exchange Commission (SEC), Gary Gensler, could prove to be Biden’s most important tool for imposing the Great Reset. Gensler, a former high-ranking member of Hillary Clinton’s 2016 presidential campaign, is a huge advocate of ESG scores. As head of the SEC, he has directed the agency to develop mandatory ESG disclosure rules for publicly traded companies in the United States, perhaps by the end of the year.
Exactly what will be in those disclosure rules remains unclear, but numerous reports and statements from Gensler indicate that, at the very least, it will include requirements about climate change.
The OCC and SEC aren’t the only agencies being used by Biden to advance the Great Reset. In September, the Senate confirmed Rohit Chopra as the next head of the Consumer Financial Protection Bureau (CFPB), a powerful regulatory agency that has substantial authority over the banking industry.
Chopra has a reputation for being extremely tough on banks and became well-known on Capitol Hill for his important role in the CFPB during its first years in existence. Far-left wing Sen. Elizabeth Warren, who was brought in by the Obama administration before being elected to the Senate to help form the CFPB, initially brought Chopra into the CFPB and remains one of his biggest supporters, recently calling him “a fearless champion for consumers.”
According to Quyen Truong, a former assistant director at the CFPB, Chopra has “a commitment to regulatory activism,” and industry analysts appear to be in total agreement that under his leadership, the CFPB will be considerably more aggressive with banks. This is exactly the sort of person Biden would want running the CFPB if he were serious about using banks to push left-wing causes, a key component of the Great Reset.
Perhaps even more importantly, the CFPB under Chopra has pushed the false narrative that lending practices and credit scoring have been infected with “racist and discriminatory policies” that justify radical changes in the financial industry. Although there are many ways this view could be used to advance Biden’s reset, one of the most sweeping is the Biden’s administration’s plan to reduce racial disparities by mandating “inclusive credit scoring” and creating a “public credit reporting agency.”
The new credit scoring agency would be housed within Chopra’s CFPB and put government in charge of formulating and altering credit scores. It’s not hard to imagine how such a system could be abused and eventually transformed into a government-controlled personal ESG scoring system, one that would provide some groups with financial advantages over others, all in the name of battling climate change or fixing racial disparities.
Reversing the Reset
The Biden administration is building the infrastructure needed to ensure the vision promoted by the supporters of the Great Reset becomes a reality in the United States. And by the time Biden’s first term in office is over, the only way to reverse the damage might be for Congress to tear down some of the most important offices and regulatory bodies now being infected with ESG frameworks and staffed by ESG proponents.