The House Financial Services Committee passed legislation Wednesday morning promoting international funding for nuclear power projects by a vote of 39 to 10.
The International Nuclear Energy Financing Act (H.R. 1474) would set up a nuclear trust fund at the World Bank, the European Bank for Reconstruction and Development and other financial entities.
With dozens of nations planning or studying new nuclear for electricity generation, the bill seeks to help the United States and the West better compete with China and Russia as a reactor supplier..
“Nuclear power is an emissions-free energy source that produces approximately 30% of the world’s low-carbon electricity,” yet the United States and its Western allies are falling behind Russia and China when it comes to providing new reactors to the world, according to the legislation.
“Chinese and Russian nuclear reactors are associated with higher safety risk than Western nuclear reactors,” according to the bill. Furthermore, “financial and operational support for nuclear power can extend over decades, allowing Beijing and Moscow to secure long-term influence in both advanced and developing economies.”
House Financial Services Chair Rep. French Hill (R-Ark.) and Rep. Ritchie Torres (D-N.Y.) proposed the measure Feb. 21.
The panel passed the bill after passing an amendment by Rep. Bill Foster (D-Ill.) to make clear that nuclear projects qualifying for the funding would meet safety standards from the United States or other countries in the free world. The committee, however, rejected amendments from other Democrats to expand the program to include other carbon-free energy sources or to implement additional non-proliferation safeguards.
House Financial Services its markup or amendment session at 10 a.m. Eastern Time on Wednesday. Markups give committee members an opportunity to propose amendments and vote on bills before they advance out of committee for a potential floor vote.
