The Senate Banking Committee on Thursday voted 25-0 in favor of Kimberly Reed to lead the U.S. Export-Import Bank, the U.S. export credit agency, which the group Friends of the Earth fears could be a move to subsidize fossil fuel projects around the world.
The environmental group warns that billions of dollars in federal subsidies could be released once Trump’s nominee is seated, as 13 fossil fuel projects are still pending at the bank. Ex-Im offers loans and loan guarantees to overseas entities that are looking to finance the purchase of U.S. goods and services.
“There are serious concerns that Ex-Im under Reed will return to its past practice of supporting projects that damage the global climate, harm community health, violate human rights and hasten corruption,” said Kate DeAngelis, senior international policy analyst at Friends of the Earth, after the vote.
“If approved, Ex-Im’s fossil fuel projects will line the pockets of large U.S. corporations like General Electric and Exxon at taxpayers’ expense while destroying our planet,” DeAngelis said.
