President Donald Trump is expected to announce nearly $700 million in new federal support for the coal industry on Thursday. The initiative will utilize authorities under the Defense Production Act, a Cold War-era law.
The planned federal funding would support coal-fired electricity generation as well as U.S. exports of coal. Trump is preparing to use the Cold War-era authorities to allocate hundreds of millions of federal dollars for these purposes.
The Defense Production Act provides the president with authority to direct domestic industrial production. The law dates back to the Cold War era and has been used to address national defense and emergency needs.
The nearly $700 million in federal support represents a significant investment in the coal sector. The funding would target both domestic coal-fired electricity production and the export market for the fossil fuel.
The announcement is expected to be made Thursday, according to reports. The initiative would direct hundreds of millions of federal dollars to support coal-fired electricity and U.S. coal exports.
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