The Senate Finance Committee has announced a proposed energy policy within the One Big Beautiful Bill Act, aiming to significantly reduce Green New Deal expenditures, eliminate penalties on fossil fuels, and promote an America-first energy strategy.
The One Big Beautiful Bill Act represents a shift from the clean energy incentives of the Biden administration. According to the Senate Finance Committee, the Act will cut "hundreds of billions of dollars in Green New Deal spending and ends the penalization of fossil fuels in favor of intermittent and expensive green energy," supporting a comprehensive approach to reducing costs and increasing domestic production. This legislative move signals support for fossil fuel development while reducing emphasis on wind, solar, and electric vehicle (EV) subsidies that were key components of the Green New Deal framework.
According to CGTN News, Ford announced in February 2023 a $3.5 billion investment to establish a lithium iron phosphate (LFP) battery plant in Michigan using technology licensed from Contemporary Amperex Technology Co., Limited (CATL). Ford will own and operate the facility, with CATL providing expertise. The plant is expected to produce enough batteries annually to power approximately 400,000 EVs by 2026 and create about 2,500 U.S. jobs. The structure was designed to qualify for Inflation Reduction Act tax incentives while keeping control within American hands; however, CATL staff are anticipated to support operations through 2038.
InsideEVs reported that this partnership between Ford and CATL has faced strong opposition from U.S. lawmakers who argue that licensing Chinese technology for domestic energy projects contradicts objectives related to energy independence and supply chain security. Several senators and representatives have called for regulatory investigations and new policy measures aimed at preventing federal subsidies from benefiting companies with ties to China. This political climate provides context for legislative initiatives like the One Big Beautiful Bill, which seeks to decrease incentives for foreign-backed green energy ventures in favor of promoting American-led production.
The United States Senate Committee on Finance has been instrumental in shaping national fiscal, trade, and social welfare policies since its establishment as a standing committee in 1816. It handles legislation related to revenue, tariffs, Social Security, Medicare, Medicaid, tax reform, and trade agreements. Throughout its history, the committee has played a pivotal role during significant periods such as the Civil War and the creation of landmark laws including the Patient Protection and Affordable Care Act. The committee remains one of Congress's most influential bodies with jurisdiction over critical aspects of America's economic and social policy.
