Biden Boosted a Pipeline; Now His Aide Susan Rice Could Get Richer
Joe Biden’s top domestic policy adviser, Susan Rice, owns a big stake in a company whose pipeline was just backed by the White House. It’s just an ordinary day in a world where the superrich control both the economy and the government.
Joe Biden looks on as Susan Rice delivers remarks after being introduced as Biden’s choice to lead his Domestic Policy Council on December 11, 2020 in Wilmington, Delaware. (Chip Somodevilla / Getty Images)
Federal ethics regulators have ordered Joe Biden’s top domestic policy adviser, Susan Rice, to divest her multimillion-dollar holdings in a fossil fuel giant weeks after the Biden administration boosted the company’s controversial pipeline, according to government documents we obtained.
The pipeline decision — backing a Trump administration policy over the objections of environmental groups — came as the company’s stock price has skyrocketed. That has created a potential financial jackpot for Rice, who, as Domestic Policy Council chief, will now be able to delay capital gains taxes on any windfall made off her sale of thousands of shares of Enbridge.
In all, Rice has been instructed by the US Office of Government Ethics to divest stock worth nearly $32 million from more than three dozen companies and one index fund that she and her family own.
This article is for subscribers only. Please login or subscribe to access our full archives and beautiful print and digital magazine starting at just $3 a month.