Democrat permitting bill authors 'not going to wait' for new US Congress
XLE•Democratic architects of a bipartisan energy permitting bill said they would push it during Congress's post-election session rather than wait for a new Congress. TD Cowen cut its estimate of the bill's chances of success from about 40% to about 25%.
1. Push for a vote
Senators Martin Heinrich and Sheldon Whitehouse said they would not delay the Bipartisan American Affordability and Jobs Act in hopes of securing a better deal next year. The bill would overhaul federal permitting for energy and infrastructure projects, including transmission lines, mines, and renewable and fossil fuel energy projects.
2. Prospects debated
The bill was negotiated by Heinrich and Whitehouse with Republican Senators Shelley Moore Capito and Mike Lee. Representative Jared Huffman and environmental groups have argued that a Democratic-controlled Congress could pass more ambitious legislation. TD Cowen cut its outlook for the bill's success from about 40% to about 25%, saying Democrats' election victory likely emboldens voices arguing the bill gives too many concessions to oil and gas.
