U.S. govt. bailout benefits coal, miners as well as bankers

Among the projects successfully attached to the $700 billion emergency government bailout bill were funds for programs benefitting coal mining, mine safety, and carbon capture.

RENO, NV - 

The $700 billion bailout bill, the Emergency Economic Stabilization Act of 2008 (H.R. 1424), enacted by Congress to help financial institutions will also benefit miners.

In a recent statement, Hal Quinn, President and CEO of the National Mining Association, said the bill contains important steps "to continue progress on the development and deployment of technologies that will result in cleaner electricity generated from coal-America's most abundant energy resource-and coal-to-liquid fuels (CTL), which can help secure our energy future."

"These provisions also will create more family-wage jobs in U.S. mining and assist in our efforts to make mining even safer-our number one priority," Quinn added.

Analysts say the legislation could help steer the United States out of economic catastrophe in less than 18 months. The Emergency Economic Stabilization Act provides up to $700 billion to the Secretary of Treasure to buy mortgages and other assets of troubled financial institutions.

The bill also limits golden parachutes and requires that unearned bonuses be returned of executives of companies which participate in the program.

H.R. 1424 and the short-term budget bill Congress also contained the following provisions supported by NMA:

·         Extension of the mine safety equipment and training tax credit;

·         Additional tax credits for advanced coal electricity projects and coal gasification, including gasification in CTL production;

·         New tax credits for carbon capture and storage or reuse in enhanced oil recovery

·         An extension of the alternative fuels credit applicable to CTL;

·         Funding to support the Department of Defense's ongoing CTL testing.

"NMA thanks all members of the House and Senate who championed these measures, particularly Sens. Max Baucus (D-Montana), Mitch McConnell (R-Kentucky), and Jay Rockefeller (D-West Virginia) and Reps. Roy Blunt (R-Montana) and Artur David (D-Alabama) for their leadership and assistance," Quinn said.

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