Democratic lawmakers unveiled legislation Tuesday that would prohibit fossil fuel companies from participating in coronavirus relief packages and thwart options that could be under consideration by the Trump administration to aid the oil sector according to POLITICO.
The bill specifically bars fossil fuel companies from participating in the Federal Reserve’s Main Street lending program, which the central bank expanded last week in ways that will enable more oil and gas companies to participate.
The measure would also close a number of other possible avenues for relief for the sector, such as blocking the Interior Department’s authority to slash royalty rates and capping the Strategic Petroleum Reserve at its current physical capacity of 713.5 million barrels.
The legislation also prohibits the financial institutions that take part in CARES Act H.R. 748 (116) implementation from making new investments in fossil fuel projects for two years.
Source: POLITICO
