Senator Markey and Rep. Barragán Lead Letter Opposing Use of CARES Act Funds to Bailout Fossil Fuel Industry

Statement

Senator Edward J. Markey (D-Mass.) and Congresswoman Nanette Diaz Barragán (CA-44) today led an effort opposing any diversion of Coronavirus Aid, Relief, and Economic Security (CARES) Act funds to the fossil fuel industry. Barragán, Markey, and 39 of their House and Senate colleagues sent a letter to Treasury Secretary Steve Mnuchin and Federal Reserve System Chair Jerome Powell in response to reports that the oil industry and coal industry are lobbying for bailout money. The Trump administration has already taken steps to act on behalf of oil industry interests, including by concluding a deal with Saudi Arabia and Russia on global oil supplies.

"The Treasury Department and the Fed face an important choice. Funds from the CARES Act are intended to support struggling families, workers, businesses, states, and municipalities," write the lawmakers in their letter. "Giving that money to the fossil fuel industry will do nothing to stop the spread of the deadly virus or provide relief to those in need. It will only artificially inflate the fossil fuel industry's balance sheets.

"We call on you to ignore the pleas of big oil lobbyists, put consideration of this corporate bailout aside, and instead focus on supporting the workers and small businesses who truly need assistance due to the coronavirus public health emergency."