March, 25 2019, 12:00am EDT
For Immediate Release
Contact:
Friends of the Earth: Patrick Davis, (202) 222-0744, pdavis@foe.org
Oil Change International: David Turnbull, (202) 316-3499, david@priceofoil.org
Investors Beware: Atlantic Coast Pipeline Faces Multiple Legal, Regulatory Threats
New investor briefing highlights the long list of challenges to ACP’s viability
WASHINGTON
A briefing for Dominion Energy investors released today breaks down the major challenges the Atlantic Coast Pipeline faces. The project, which is currently two years behind schedule and estimated to be more than $2 billion over budget, faces significant financial, legal and regulatory hurdles.
"The Atlantic Coast Pipeline is an environmental, climate and human rights boondoggle," said Donna Chavis, lead Atlantic Coast Pipeline campaigner with Friends of the Earth. "As the transition to clean energy gathers pace, the risks and growing costs of this major methane gas pipeline project look increasingly unwise to ratepayers, regulators and investors alike."
The briefing outlines the many significant regulatory and legal burdens the pipeline faces. Besides the vacating of a key U.S. Forest Service permit, for which project sponsors plan an appeal to the Supreme Court, there are challenges to U.S. Fish and Wildlife Service permits, a lawsuit aiming to block the Buckingham County Compressor Station, legal challenges to permits issued in North Carolina and a well-organized citizen's surveillance initiative that aims to report every possible construction violation should construction ever restart. Currently, seven federal permits have been stayed, suspended or vacated, which has put a halt to construction along the entire pipeline.
Lorne Stockman, senior research analyst at Oil Change International and co-author of the report said, "The Atlantic Coast Pipeline was always a bad idea. But now it's clearer than ever that it is a failure. While news about the project's challenges has mostly focused on the Forest Service permit and Appalachian Trail crossing, this report shows that the project's problems do not stop there. If Dominion and Duke don't drop the project soon, investors can only expect more cost hikes and delays."
The over budget project continues to hemorrhage money. Dominion Energy claims that the halt on construction is costing the company $20 million per week. Additionally, Moody's Investors Service stated in February 2019 that "Dominion's execution risk with its Atlantic Coast pipeline is credit negative."
The briefing details the full list of challenges facing the project and is being released as Dominion holds its 2019 investor day meetings, which are set to begin this morning at 9:30 a.m. Eastern time.
The full briefing is available here.
Friends of the Earth fights for a more healthy and just world. Together we speak truth to power and expose those who endanger the health of people and the planet for corporate profit. We organize to build long-term political power and campaign to change the rules of our economic and political systems that create injustice and destroy nature.
(202) 783-7400LATEST NEWS
Agency Trump and Musk Want to 'Delete' Set to Deliver $1.8 Billion to Scammed US Consumers
"When the Consumer Financial Protection Bureau is allowed to fully do its job, Americans only stand to benefit."
Dec 06, 2024
In the coming weeks, as President-elect Donald Trump's second term approaches and his pledge to dismantle key agencies potentially comes closer to fruition, 4.3 million consumers are set to receive checks from one of the agencies the incoming administration wants to "delete."
The Consumer Financial Protection Bureau (CFPB) announced Thursday that it will soon begin distributing a historic $1.8 billion to millions of people who were charged illegal junk fees or defrauded by credit repair companies including Lexington Law and CreditRepair.com.
The money will be distributed from the CFPB's victim relief fund, which was created by Congress and is financed entirely by civil penalties paid by companies and individuals who violate consumer financial protection laws.
The fund has distributed $3.3 billion to consumers since its inception, and the CFPB said the forthcoming payment will be its largest ever.
"Lexington Law and CreditRepair.com exploited vulnerable consumers who were trying to rebuild their credit, charging them illegal junk fees for results they hadn't delivered," said CFPB Director Rohit Chopra. "This historic distribution of $1.8 billion demonstrates the CFPB's commitment to making consumers whole."
A district court ruled in August 2023 that the two companies had violated the Telemarketing Sales Rule's prohibition on advance fees, which bars credit repair firms from collecting fees from consumers until they prove they have achieved the results they promise to their customers.
If the CFPB payments are divided equally among those who were wrongly charged fees by the two companies, each consumer would receive about $419.
The payments are being sent days after the CFPB proposed a rule aimed at reining in data brokers who sell people's personal information.
As Common Dreamsreported, billionaire entrepreneur Elon Musk has expressed concern about the practices of data brokers—but as Trump's nominee to co-lead the Department of Government Efficiency (DOGE), a yet-to-be-created commission that would cut regulations and government spending, Musk has pledged to "delete" the CFPB.
Filmmaker and media activist Danny Ledonne said Musk and Vivek Ramaswamy, another businessman nominated to lead DOGE, likely want to do away with the CFPB because the agency acts "in the interest of regular people."
Liz Zelnick, director of the Economic Security and Corporate Power Program at government watchdog Accountable.US, said the upcoming $1.8 billion payout shows why the CFPB should remain in operation.
"When the Consumer Financial Protection Bureau is allowed to fully do its job, Americans only stand to benefit," said Zelnick. "Between surprise fees and misleading business practices, today's victory affirms the importance of the CFPB for defending people across the country from shady industry actors."
Rep. Mark Pocan (D-Wis.) said supporters of consumer protections in Congress will "fight any attempts to dismantle [CFPB], whether from Trump, Musk, or their billionaire buddies."
"The CFPB fights for everyday Americans against corporate greed, junk fees, and predatory lenders," he said. "This watchdog agency protects normal people like you and me."
Keep ReadingShow Less
'We Need to Tax the Rich So Much More': Musk Spent Quarter of a Billion Backing Trump
"If your income was $274 million per year, you'd make more than 99.9% of Americans," wrote one activist. "Elon Musk spent that buying the 2024 elections for Republicans."
Dec 06, 2024
Federal filings released Thursday revealed that Elon Musk spent significantly more than previously known to help secure a second White House term for Donald Trump and boost GOP congressional candidates, making the world's richest man the nation's largest political donor and perhaps the most influential figure involved with the incoming administration.
The Federal Election Commission (FEC) filings showed that Musk, the CEO of Tesla and owner of the social media platform X, spent around $270 million this year in support of super PACs backing Trump's reelection bid.
The filings also exposed Musk as the mysterious funding source behind RBG PAC, a Republican organization named after the late Supreme Court Justice Ruth Bader Ginsburg. Musk pumped more than $20.5 million into the super PAC, which aimed to paint Trump as more moderate on abortion than other Republicans and falsely claimed Trump shared Ginsburg's views on reproductive rights.
"In reality, RBG unequivocally supported abortion rights, believing it was a fundamental matter of equality," notedRolling Stone's Andrew Perez. "Trump, on the other hand, pledged to appoint Supreme Court justices who would overturn Roe v. Wade and allow states to ban abortion—and his justices did just that. When Ginsburg died late in Trump's first term, he replaced her with Justice Amy Coney Barrett, creating a 6-3 conservative supermajority on the court that overturned Roe and ended the federal right to an abortion."
Musk's ability to convert his extreme wealth into political influence underscored the need for far higher taxes on the nation's economic elites, progressives said in response to the FEC disclosures. In 2018, Musk paid nothing in federal income taxes even as his wealth soared, largely due to Tesla stock appreciation.
"We need to tax the rich so much more," activist Jonathan Cohn wrote on social media. "Not just so that we can fund programs to benefit everyone, but to prevent them from rigging the political system in their favor."
Melanie D'Arrigo, executive director of the Campaign for New York Health, noted that "if your income was $274 million per year, you'd make more than 99.9% of Americans."
"Elon Musk spent that buying the 2024 elections for Republicans," she wrote. "Tax the oligarchs."
Musk's spending on the 2024 elections outpaced that of Timothy Mellon, the secretive heir to a Gilded Age fortune who pumped $197 million into races in support of Republican candidates, Bloombergreported.
"The clear story from the final federal campaign filings of 2024 is of the damage concentrated money in politics does to our elections," said Public Citizen co-president Lisa Gilbert. "This includes being the sole backer of a super PAC that vandalized Ruth Bader Ginsburg's image to try and change Trump's public abortion position. Rich billionaires and corporate money simply ran the table in the 2024 election. They singlehandedly made the case for the aggressive campaign finance reforms we need to fix our system and get big money out of politics."
Musk, whose wealth jumped substantially following Trump's victory, is one of more than a dozen billionaires set to be either a member or close adviser to the incoming administration. The president-elect has tasked Musk and fellow billionaire Vivek Ramaswamy with leading a commission whose goal is to gut federal regulations and slash spending.
"It's not hyperbole to call this a government of billionaires," Axiosreported Friday. "Trump's projected Cabinet alone is worth at least $10 billion... Trump's gilded Cabinet is the product of an election in which billionaires spent like never before in U.S. history—mostly on behalf of Republicans."
The billionaires in Trump's inner circle are set to play central roles in crafting policy over the next four years, including another tax-cut package that's expected to disproportionately benefit wealthy Americans. The 2017 Trump-GOP tax law that Republicans are looking to extend and expand helped boost the collective wealth of U.S. billionaires by over $2 trillion.
"The looters and polluters who are swarming around Trump bear careful watching," Sen. Sheldon Whitehouse (D-R.I.) said earlier this week. "Looks like no one's too rich to want to steal."
This story has been updated to include a statement from Public Citizen.
Keep ReadingShow Less
'Nothing Is Sacrosanct': GOP Floats Social Security Cuts After Musk Capitol Hill Visit
"They're going to put everything on the table," one Republican lawmaker said of Elon Musk and Vivek Ramaswamy.
Dec 06, 2024
Republican lawmakers on Thursday signaled a willingness to target Social Security and other mandatory programs after meeting with Elon Musk and Vivek Ramaswamy, the billionaire pair President-elect Donald Trump chose to lead a new commission tasked with slashing federal spending and regulations.
Though the GOP's 2024 platform pledged to shield Social Security, the party has reverted to its long-held position in the weeks since Trump's election victory, with some lawmakers openly attacking the program while others suggest cuts more subtly by stressing the supposed need for "hard decisions" to shore up its finances. (Progressives argue Social Security's solvency can be guaranteed for decades to come by requiring the rich to contribute more to the program, a proposal Republicans oppose.)
On Thursday, Rep. Ralph Norman (R-S.C.) emerged from a meeting with Musk and Ramaswamy with the message that "nothing is sacrosanct."
"They're going to put everything on the table," said Norman, one of the wealthiest members of Congress.
After airing Norman's remarks, Fox Business reported that Musk and Ramaswamy told lawmakers that no federal program is safe from cuts, "and that includes Social Security, Medicare, and Medicaid."
Fox Business reports that cutting Social Security, Medicare, and Medicaid is "on the table" for Republicans pic.twitter.com/ETUjJHbt3h
— Aaron Rupar (@atrupar) December 5, 2024
NBC News congressional correspondent Julie Tsirkin said Thursday that after meeting with Musk, Sen. John Thune (R-S.D.)—who was recently elected Senate majority leader for the upcoming Congress—told her that "perhaps mandatory programs are areas that they're looking to make cuts in, like Social Security, for example."
"But again, no specifics were laid out there," Tsirkin added.
Thune has previously voiced support for raising Social Security's retirement age, a change that would cut benefits across the board.
🚨🚨🚨
BREAKING: After meeting with Elon Musk, Republican leader Sen. John Thune announces plans to cut Social Security
HANDS OFF OUR EARNED BENEFITS! pic.twitter.com/eTX8wpHuwr
— Social Security Works (@SSWorks) December 5, 2024
In the days leading up to their Capitol Hill visit, both Musk and Ramaswamy took swipes at Social Security, Medicare, and Medicaid and made clear the programs would be in the crosshairs of their advisory commission, which is examining ways to slash federal spending without congressional approval.
Earlier this week, Musk amplified a series of social media posts by Sen. Mike Lee (R-Utah), who once said he hopes to "get rid of" Social Security, Medicare, and Medicaid. Defenders of Social Security saw Lee's thread, and Musk's apparent endorsement of it, as a declaration of war on the New Deal program.
Days later, Ramaswamy said in an interview with CNBC that "there are hundreds of billions of dollars of savings to extract" from Social Security, Medicare, and Medicaid, claiming the programs are rife with waste, fraud, and abuse.
"People love to have lazy armchair discussions about, oh, are you going to make cuts to entitlements or not, when, in fact, the dirty little secret is that many of those entitlement dollars aren't even going to people who they were supposed to be going to in the first place," said Ramaswamy, advancing a narrative that observers warned could be used to justify additional bureaucratic barriers making it harder for eligible people to receive benefits.
Sen. Sheldon Whitehouse (D-R.I.), chairman of the Senate Budget Committee, said Thursday that the Trump-GOP agenda is "so predictable."
"Tax cuts for billionaire donors; benefit cuts for people on Social Security—how the billionaires loot our country (what, not rich enough already, fellas?)," Whitehouse wrote on social media.
In a column on Thursday, MSNBC's Ryan Teague Beckwith wrote that "Republicans somehow keep coming back to the idea of cutting Social Security" despite widespread opposition to such cuts among the American public.
"Would Trump try to cut Social Security? It's hard to say. Over the years, he has staked out every possible position on Social Security—sometimes within hours of each other," wrote Beckwith, noting that Trump previously called the program a "huge Ponzi scheme" and backed calls to raise the retirement age.
"So if Republicans—or Musk—decide to propose changes to Social Security benefits," Beckwith added, "it's possible that he might go along with it."
Keep ReadingShow Less
Most Popular