Trump Administration Considers Revoking $400 Billion in Clean Energy Loans

The Trump administration is considering legal options to cancel loans from a $400 billion program aimed at financing clean energy technology, as part of a broader overhaul of the initiative. John Sneed, the newly appointed director of the Energy Department's loan program, indicated that the focus would shift towards technologies supported by the administration, such as nuclear power and liquefied natural gas. While the Department of Energy is reviewing existing loans to ensure alignment with President Trump's priorities, it remains uncertain whether the cancellation of loans will be legally viable. The program, established under President George W. Bush, has already disbursed over $60 billion to various companies, including significant loans to Pacific Gas and Electric and Ford Motor Company. High-profile loans under scrutiny include a $6.6 billion commitment to Rivian Automotive and a $7.54 billion loan for a Samsung-Stellantis joint venture. The initiative has generated over $5 billion in interest for the government but is also known for past failures like the Solyndra loan guarantee.