Photo courtesy of Greg Nash
Last week, Energy Secretary Rick Perry confirmed to the House Committee on Science, Space and Technology, that President Trump’s administration is investigating the revival of a Cold War-era law called the Defense Production Act in order to prop-up struggling U.S. coal and nuclear power plants. The now 68-year-old law, which was passed by Congress in the midst of the Korean War, was first rumored to be under consideration by the administration back in April as a way to nationalize the energy industry. The Act would give government broad latitude to nationalize private industry in the name of security. It could also allow the federal government to provide loans, loan guarantees or purchase commitments for the un-competitive and polluting plants.
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