Susan Rice, the director of the Domestic Policy Council in President Joe Biden’s administration, has been ordered to sell her $2.7 million stake in an oil pipeline company after the controversial project moves forward.
The Office of Government Ethics ordered Rice to divest from multinational pipeline company Enbridge, after the Biden administration decided to allow the firm’s Line 3 pipeline project to proceed, according to filings first reported by The Daily Poster.
Rice, her husband as well as a family trust must divest from holdings in Enbridge that may present a conflict of interest.
Biden has taken action against oil pipelines such as canceling the Keystone XL oil pipeline, but he has continued to permit the Line 3 project, which would bring Canadian oil through Minnesota to Wisconsin.
Environmental activists are opposed to the project, The New York Post reported.
This isn’t the first time Rice has been in the middle of controversy surrounding her financial holdings. When the multimillionaire was under consideration for secretary of state in 2012, she got pushback from environmentalists for holding stock in the controversial Keystone Pipeline XL.
Progressive Democrats are concerned about Rice’s various financial investments, noting her extensive holdings in an array of industries at odds with liberal causes.
When Rice was thought to be in the running for Biden’s vice presidential pick, her Keystone investment drew fire from progressives.
When Rice was President Barack Obama’s national security adviser, her 2008 financial disclosure revealed her investments ranged from fossil fuels and large financial institutions to pharmaceuticals and holdings in Las Vegas casinos owned by the Republican big donors Sheldon Adelson and Steve Wynn, Politico reported.
In 2009, a full analysis of Rice’s assets was publicly released by the Center for Responsive Politics. She was estimated to be worth $23.5 million and $43.5 million.
The Moguldom Nation founder Jamarlin Martin tweeted, “I’m not sure the symbolists would care if Susan Rice owned $100M of private prison stocks & Biden later gave the private prison complex lucrative deals. I think these symbolists are just looking for baby ‘DA’s’ at the top.”
Biden’s selection of Rice as domestic policy advisor was not good news for Black America. The appointment did not require Senate confirmation, and in her role, Rice is in charge of coordinating the policymaking process for Biden’s domestic agenda.
One policy that she has not come out for is reparations.
“It’s something I’ve thought about. It’s not something I’ve chosen to comment on,” Rice told an interview at The Times. “I’m a very practical, pragmatic progressive and I think that the kinds of remedies that are desirable and potentially achievable fall into the realm of policies that relate to housing, to healthcare, to education. They address both racial disparities and socio-economic disparities and obviously, the socio-economic disparities are not limited to African Americans. So those are the kind of things that I think are more viable and achievable objectives.”
Listen to GHOGH with Jamarlin Martin | Episode 74: Jamarlin Martin Jamarlin returns for a new season of the GHOGH podcast to discuss Bitcoin, bubbles, and Biden. He talks about the risk factors for Bitcoin as an investment asset including origin risk, speculative market structure, regulatory, and environment. Are broader financial markets in a massive speculative bubble?
To clarify Rice’s statement, the interviewer for The Times asked Rice, “So a Susan Rice approach to reparations would be an investment in schools…”
“Don’t even use that word in the same sentence as me,” Rice responded. “Because I have not. That would be putting concepts and words in my mouth that I have not used.”
Stay up to date with all the latest news that affects you in politics, finance and more.
Jul 27 2021
Jul 28 2021
Jul 19 2021