Energy Department boosts lending budget dramatically amid Trump transition
- The Department of Energy's Loan Programs Office increased its lending power significantly.
- This drastic change was made as officials rushed to approve loans amid the transition period.
- The move has raised concerns about possible conflicts of interest and the future direction of energy policy.
In the United States, the Department of Energy's Loan Programs Office significantly expanded its lending capabilities, raising its budget from $57 billion to over $240 billion. This decision came amid growing uncertainty regarding the future of the office under President-elect Donald Trump, whose advisors previously suggested shutting it down. The increase is part of an effort by Biden administration officials to approve a series of 'green energy' loans before transition, responding to potential changes in energy policy under Trump. As a result, several high-profile loans were finalized, with some critics raising concerns about possible conflicts of interest involving the director of the LPO, Jigar Shah, due to his past financial ties to the companies receiving funding.