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Republican Senators Want to Help Coal Get U.S. Bailout Money

A group of 17 lawmakers sent a letter calling on the Fed to be “broad and flexible” in its distribution of bailout funds.

Cooling towers belonging to the Tennessee Valley Authority Paradise Fossil Plant, a generating station that used to burn coal mined by Murray Energy Holdings Co., are seen in Paradise, Kentucky, U.S., on Wednesday, Oct. 30, 2019. 

Cooling towers belonging to the Tennessee Valley Authority Paradise Fossil Plant, a generating station that used to burn coal mined by Murray Energy Holdings Co., are seen in Paradise, Kentucky, U.S., on Wednesday, Oct. 30, 2019. 

Photographer: Luke Sharrett/Bloomberg
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A group of powerful Republican senators wants to make sure the bailout program being administered by BlackRock Inc. on behalf of the federal government won’t leave fossil-fuel companies behind.

The U.S. government tapped BlackRock, the world’s largest asset manager, to become the buyer of corporate bonds as part of a $454 billion effort to bail out companies hit by the coronavirus lockdown. That triggered a letter from Greenpeace, Sierra Club, 350.org and other environmental organizations on March 27 urging Federal Reserve Chairman Jerome Powell to weigh climate risk in its guidelines for BlackRock as it decides what sectors of the economy get financial support.