“Main Street Lending” expanded to benefit of fossil fuel firms

by | May 12, 2020

Bloomberg Law reported on May 12, 2020, that Secretary Mnuchin and the Federal Reserve announced further modifications to the Main Street Lending Program, expanding it to make mid-size companies eligible. This change may allow several additional independent oil and gas companies, such as Occidental Petroleum, to get loans through the program. The move follows an April 21 letter from 11 Republican senators to the Trump administration, urging it to change credit rating requirements under the federal stimulus loan program, so that more oil and gas firms would eligible to apply. The Fed announced, on April 30, an expansion of the Main Street Lending Program allowing oil companies to borrow money under the program and apply it to past debts.

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Emily J. Gertz is senior editor of Drilled News. A longtime environmental reporter and editor, her work has appeared in HuffPost, Reveal, Arctic Today, The Guardian, Popular Science, Scientific American, Sierra, and more.

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Amy Westervelt is the editor-in-chief of Drilled News, creator and host of the Drilled podcast, and founder of the Critical Frequency podcast network, named AdWeek's Podcast Network of the Year in 2019. An award-winning print and audio journalist, Amy has contributed to The Guardian, The Wall Street Journal, and The Washington Post, as well as KQED, The California Report, Capital Public Radio, and many other outlets. She is the 2015 winner of the Rachel Carson award for "women greening journalism," and a 2016 winner of an Edward R. Murrow award for her series on the impacts of the Tesla Gigafactory in Nevada. In 2019, the Drilled podcast won the Online News Association's "Excellence in Audio Storytelling" award.