ReWIND Act 2020-05-05 Introduced in Senate Resources for Workforce Investments, Not Drilling Act or the ReWIND Act

This bill limits the financial assistance that fossil fuel companies may receive from programs that provide relief to businesses affected by the COVID-19 (i.e., coronavirus disease 2019) outbreak, the Department of Interior's authority with respect to fossil fuels, the types and amount of oil that may be placed in the Strategic Petroleum Reserve (SPR), and the issuance or modification of rules until the COVID-19 national emergency terminates.

Specifically, it prohibits fossil fuel businesses from receiving financial assistance, loans, and loan guarantees under specified provisions of the Defense Production Act of 1950 and the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act. Further, certain financial institutions (e.g., banks) that receive funding under the CARES Act may not operate or invest in such businesses for two years.

In addition, Interior may not (1) conduct lease sales for oil or natural gas; (2) issue leases for oil, natural gas, or coal; (3) modify regulations related to fossil fuel; or (4) reduce or eliminate royalty rates for fossil fuel leases on federal lands and in federal waters.

The bill decreases the storage cap on the SPR and declares that privately-owned oil may not be stored in the SPR.

Finally, the bill suspends the issuance of new rules until the national emergency terminates unless the rules are specifically required to respond to, or recover from, COVID-19.

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