Democratic Bill Cutting Fossil Fuel Companies Out of Relief Programs

A coalition of Democratic lawmakers is seeking to block fossil fuel companies from accessing financial assistance programs set up by the recent pandemic relief legislation.

The measure, introduced Tuesday by 30 House members and nine senators, would expressly cut out fossil fuel companies from the pandemic relief programs administered by the Treasury Department and the Federal Reserve, according to a fact sheet. That would include the so-called Main Street loan program, for which the Trump administration recently expanded the eligibility in a way that benefits oil companies struggling from cheap prices and low demand.

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“It would be unconscionable to bail out big oil and gas corporations with money intended to help families, workers, and small businesses survive this global pandemic,” said Rep. Nanette Diaz Barragan of California, the lead sponsor of the bill in the House. Read more…

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