Oklahoma U.S. Sen. Jim Inhofe let Democrats know at a hearing on their National Climate Bank Act that he was opposed to it, calling it phase one of their far-left climate agenda.
In opening remarks as a member of the Senate Environment and Public Works Subcommittee on Clean Air, Climate and Nuclear Safety, Sen. Inhofe charged that the National Climate Bank Act’s end goal was the “Green New Deal” and nothing but a slush fund for activists and Democrats.
“We all know the Green New Deal seeks to end our way of life as we know it – abolish fossil fuels, air travel and control how much beef we eat. This bill creates a federally-funded, D.C. based climate bank solely focused on funneling $100 billion taxpayer dollars into “green” projects favored by Washington Democrats,” asserted Inhofe in his remarks during the legislative hearing on S. 283.
Inhofe said the bottom line is, “we simply don’t need it.” He added that the bill’s own findings indicated that in 2018 alone, there was more than $100 billion invested in renewable energy and energy efficiency projects.
“Furthermore, this bill does not take into account that the Department of Energy’s loan program office is flush with cash—with more than $40 billion in loans and loan guarantees for energy projects,” said the Oklahoma Senator.
Inhofe went on to say that Washington activists handpicked by the President and his cabinet officials would control the money in the bank and its board would end up rewarding political allies of Democrats at the expense of taxpayers.
“Worse, nothing in this bill prevents the Bank from being used as a slush fund for billionaires or other politically connected Democrats,” leveled Inhofe.
He attacked its establishment of a “Cash for Carbon” program that Inhofe said would force the closure of reliable coal-fired power plants and even clean natural gas-fired power plants.
“That would be devastating to communities across America, including my state of Oklahoma and Gillete, Wyoming, where our witness, Commissioner Bell resides.”
Click here to watch Inhofe’s full opening remarks.
Watch Inhofe’s Question and Answer Segment Here
