Zeldin seeks to recoup billions issued by Biden under 'green bank' program
Environmental Protection Agency (EPA) Administrator Lee Zeldin says he will try to recoup billions of dollars issued by the Biden administration under its “green bank” program.
Under the program, the Biden administration gave a total of $20 billion to eight institutions that are in charge of doling out the cash to projects aimed at mitigating climate change.
The program was funded by the Inflation Reduction Act (IRA), which made $20 billion available for institutions that can provide financial assistance to help deploy climate-friendly products.
Zeldin’s efforts to take the money back mark the latest attempt from the Trump administration to freeze funds for federal programs — despite court rulings calling for the freeze to be lifted.
However, Zeldin’s effort has one notable distinction from other such attempts by the administration: The money in question appears to have already left the government’s hands.
In a video posted online, Zeldin called out one institution in particular, the Climate United Fund, which received nearly $7 billion, and said he would terminate its contract.
“The financial agent agreement with the bank needs to be instantly terminated and the bank must immediately return all of the gold bars that the Biden administration tossed off the Titanic,” he said.
“EPA needs to reassume responsibility for all of these funds. We will review every penny that has gone out the door,” he added.
The Hill has reached out to the Climate United Fund for comment.
The announcement raises legal and practical questions, including how the money could be taken back, as it’s possible that some of it has already been further distributed.
The Climate United Fund, for example, has already announced about $32 million to help finance solar energy development in Arkansas and a $250 million electric truck leasing program.
The EPA declined to provide additional details.
"The days of irresponsibly shoveling boatloads of cash to far-left activist groups in the name of environmental justice and climate equity are over," Zeldin said.
While Zeldin’s actions are new, the green bank has long been in Republican crosshairs. As the GOP puts together its legislative agenda under the current Republican trifecta in the House, Senate and White House, lawmakers may try to repeal the program.
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