Environment & Energy

Lawmakers Urge Punishment For Banks That Won’t Back Drillers (1)

May 8, 2020, 8:42 PM

Three dozen lawmakers are pushing the Trump administration to get tough on banks and asset managers that restrict financing for oil drilling and coal mining, arguing they are “discriminating against America’s energy sector” and it “must be confronted.”

In a letter released Friday, the lawmakers told President Donald Trump that he should punish those lenders by blocking them from participating in federally guaranteed loan programs created in response to the coronavirus, including the Paycheck Protection Program.

“We urge you and your administration to use every administrative and regulatory tool at your disposal to prevent America’s financial institutions from discriminating against...

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