The House Financial Services Committee will mark up legislation Wednesday morning promoting international funding for nuclear power projects.
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.
House Financial Services has scheduled a 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.
