Republicans urge Trump to bar banks from shunning fossil fuel loans, investments

(Reuters, 8 May 2020) Democrats have been calling the Trump administration to bar oil and gas companies from accessing loans.

A group of Republican lawmakers from energy-producing states on Friday called on President Donald Trump to prevent banks from halting loans and investments with companies that produce oil and other fossil fuels while they have access to federal assistance programs during the COVID-19 pandemic.

"Wall Street's big banks ... should not be able to reap the benefits of participating in federally guaranteed loan programs laid out in the CARES Act, such as the Paycheck Protection Program or the trillion dollar Federal Reserve facility lending programs, while simultaneously targeting American energy companies and workers," the lawmakers wrote in the letter.

Democratic lawmakers like Massachusetts Senator Elizabeth Warren, who want and economic recovery featuring investments in conservation and alternative energy to fight climate change, have been calling on Treasury Secretary Steve Mnuchin to bar oil and gas companies from accessing loans through the Main Street facility.

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Reuters, 8 May 2020: Republicans urge Trump to bar banks from shunning fossil fuel loans, investments