[House Report 119-23]
[From the U.S. Government Publishing Office]
119th Congress } { Report
HOUSE OF REPRESENTATIVES
1st Session } { 119-23
======================================================================
INTERNATIONAL NUCLEAR ENERGY FINANCING ACT OF 2025
_______
March 21, 2025.--Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
_______
Mr. Hill of Arkansas, from the Committee on Financial Services,
submitted the following
R E P O R T
together with
MINORITY VIEWS
[To accompany H.R. 1474]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred
the bill (H.R. 1474) to provide for advocation of support for
nuclear energy, and establish a nuclear energy assistance trust
fund, at the World Bank, the European Bank for Reconstruction
and Development, and other international financial
institutions, as appropriate, and for other purposes, having
considered the same, reports favorably thereon with an
amendment and recommends that the bill as amended do pass.
CONTENTS
Page
Purpose and Summary.............................................. 3
Background and Need for Legislation.............................. 4
Committee Consideration.......................................... 4
Related Hearings................................................. 5
Committee Votes.................................................. 6
Committee Oversight Findings..................................... 10
Performance Goals and Objectives................................. 10
Committee Cost Estimate.......................................... 10
New Budget Authority and CBO Cost Estimate....................... 10
Unfunded Mandates Statement...................................... 10
Earmark Statement................................................ 11
Federal Advisory Committee Act Statement......................... 11
Applicability to the Legislative Branch.......................... 11
Duplication of Federal Programs.................................. 12
Section-by-Section Analysis of the Legislation................... 12
Changes in Existing Law Made by the Bill, as Reported............ 14
Minority Views................................................... 16
The amendment is as follows:
Strike all after the enacting clause and insert the
following:
SECTION 1. SHORT TITLE.
This Act may be cited as the ``International Nuclear Energy Financing
Act of 2025''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) Nuclear power is an emissions-free energy source that
produces approximately 30 percent of the world's low-carbon
electricity. In 2021, 33 countries operated nuclear power
plants.
(2) The People's Republic of China and the Russian Federation
have sought to export nuclear reactors to Europe, Eurasia,
Latin America, Africa, and South Asia. According to a 2017
study by Columbia University's Center on Global Energy Policy,
Chinese and Russian nuclear reactors are associated with higher
safety risk than Western nuclear reactors. In addition,
financial and operational support for nuclear power can extend
over decades, allowing Beijing and Moscow to secure long-term
influence in both advanced and developing economies.
(3) The Russian Federation is currently building 21 reactors
outside its borders, while the People's Republic of China is
assembling more than a third of reactors under construction
globally. According to research published in Nature Energy in
February 2023, when the Russian Federation launched its
invasion of Ukraine in 2022, Russian state-owned nuclear
operator Rosatom ``boasted as many as 73 different projects in
29 countries. The projects were at very different stages of
development from power plants in operation; through
construction of reactors ongoing, contracted, ordered or
planned; to involvement in tenders, invitations to partnerships
or officially published proposals. On top of that, Russian
companies have bilateral agreements or memoranda of
understanding (MoUs) with 13 countries for services or general
joint development of nuclear energy.''.
(4) In its report, ``International Status and Prospects for
Nuclear Power 2021'', the International Atomic Energy Agency
wrote, ``A total of 28 countries have expressed interest in
nuclear power and are considering, planning or actively working
to include it into their energy mix. Another 24 Member States
participate in the Agency's nuclear infrastructure related
activities or are involved in energy planning projects through
the technical cooperation programme. Ten to twelve embarking
Member States plan to operate NPPs [nuclear power plants] by
2030 2035, representing a potential increase of nearly 30% in
the number of operating countries. Several embarking countries
have also expressed interest in SMRs [small modular reactors]
technology, in particular Estonia, Ghana, Jordan, Kenya,
Poland, Saudi Arabia and Sudan, as well as expanding countries
such as South Africa.''.
(5) On December 2, 2023, the United States, alongside more
than 20 other countries, pledged to triple nuclear energy
capacity by 2050 and support the financing of nuclear energy
through the World Bank and regional development banks, so as to
``encourage the inclusion of nuclear energy in their
organizations'' energy lending policies as needed, and to
actively support nuclear power when they have such a mandate''.
SEC. 3. MULTILATERAL DEVELOPMENT BANK SUPPORT FOR NUCLEAR ENERGY.
Title XV of the International Financial Institutions Act (22 U.S.C.
262o et seq.) is amended by adding at the end the following:
``SEC. 1506. MULTILATERAL DEVELOPMENT BANK SUPPORT FOR NUCLEAR ENERGY.
``The Secretary of the Treasury shall instruct the United States
Executive Director at the International Bank for Reconstruction and
Development, the European Bank for Reconstruction and Development, and,
as the Secretary finds appropriate, any other multilateral development
bank (as defined in section 1307(g)) to use the voice, vote, and
influence of the United States to advocate for--
``(1) the removal of prohibitions at the respective bank
against financial and technical assistance for the generation
and distribution of nuclear energy, to the extent that the
prohibitions apply to nuclear technologies that meet or exceed
the quality standards prevalent in the United States or a
country allied with the United States; and
``(2) increased internal capacity-building at the respective
bank for the purpose of assessing--
``(A) the potential role of nuclear energy in the
energy systems of client countries; and
``(B) the delivery of financial and technical
assistance described in paragraph (1) to the
countries.''.
SEC. 4. ESTABLISHMENT OF NUCLEAR ENERGY ASSISTANCE TRUST FUNDS.
Title XV of the International Financial Institutions Act (22 U.S.C.
262o et seq.) is further amended by adding at the end the following:
``SEC. 1507. ESTABLISHMENT OF NUCLEAR ENERGY ASSISTANCE TRUST FUNDS.
``(a) In General.--The Secretary of the Treasury shall instruct the
United States Governors of the International Bank for Reconstruction
and Development, the European Bank for Reconstruction and Development,
and, as the Secretary deems appropriate, other international financial
institutions (as defined in section 1701(c)(2)) to use the voice, vote,
and influence of the United States to establish at each such
institution a trust fund to be known as the `Nuclear Energy Assistance
Trust Fund' that meets the requirements of subsections (b) and (c) of
this section.
``(b) Purposes.--The purposes of such a trust fund shall be the
following:
``(1) To provide financial and technical assistance to
support the generation and distribution of nuclear energy in
borrowing countries.
``(2) To ensure that the international financial institution
makes financing available on competitive terms, including for
the purpose of countering credit extended by the government of
a country that is not a member of the OECD Arrangement on
Officially Supported Export Credits.
``(3) To exclusively support the adoption of nuclear energy
technologies that meet or exceed the quality standards
prevalent in the United States or a country allied with the
United States.
``(4) To strengthen the capacity of the international
financial institution to assess, implement, and evaluate
nuclear energy projects.
``(c) Use of Trust Fund Revenues.--The revenues of such a trust fund
shall be made available for activities for the purposes described in
subsection (b), or the United States share of the revenues shall be
remitted to the general fund of the Treasury, as the Secretary finds
appropriate.
``(d) Rule of Interpretation.--This section shall not be interpreted
to affect the ability of the United States Governor of, or the United
States Executive Director at, an international financial institution
(as so defined) to encourage the provision of financial or technical
assistance from non-trust fund resources of the institution to support
the generation or distribution of nuclear energy.''.
SEC. 5. INCLUSION IN ANNUAL REPORT.
During the 7-year period that begins with the date of enactment of
this Act, the Chairman of the National Advisory Council on
International Monetary and Financial Policies shall include in the
annual report required by section 1701 of the International Financial
Institutions Act a description of any progress made--
(1) to promote multilateral development bank (as defined in
such section) assistance for nuclear energy; and
(2) to establish a trust fund pursuant to section 1507 of
such Act or, as the case may be, a summary of the activities of
any such trust fund.
SEC. 6. SUNSET.
This Act and the amendments made by this Act shall have no force or
effect beginning 10 years after the date of the enactment of this Act.
Purpose and Summary
Introduced on February 21, 2025, by Representative French
Hill, H.R. 1474, the International Nuclear Energy Financing Act
of 2025, requires the United States Executive Director at the
World Bank and the European Bank for Reconstruction and
Development to advocate for the removal of prohibitions against
nuclear energy financing, permits U.S. representatives at other
international financial institutions to seek similar policy
changes, and requires the Treasury Secretary to advocate for
the establishment of a nuclear energy assistance trust fund at
the Bank to support financial and technical assistance for
nuclear projects.
Background and Need for Legislation
Taken together, the multilateral development banks can
commit over $100 billion in annual financing. Nuclear energy
should be a part of an ``all-of-the-above'' approach to energy
and national security.
During the World Climate Action Summit of the 28th
Conference of the Parties to the U.N. Framework Convention on
Climate Change in 2023 (COP28), the U.S. was one of 20
countries that joined a declaration to triple nuclear energy
capacity by 2050.\1\ At the COP29 U.N. Climate Change
Conference in November 2024, six more countries joined the
declaration to triple global nuclear energy capacity by 2050,
making for a total of 31 nations endorsing this cause.\2\ The
COP pledges include a commitment from the United States to
invite the international financial institutions to consider
nuclear energy financing. The European Bank for Reconstruction
and Development has announced that it will revisit its no-
financing stance based on borrowing countries' needs, but a
prohibition is still in place at the World Bank. Due to
advocacy from the Financial Services Committee, the Treasury
Department has begun to more explicitly express openness toward
nuclear financing on the board of the Bank. H.R. 1474 is
necessary to solidify the U.S.'s position on this issue.
---------------------------------------------------------------------------
\1\Press Release, U.S. Dep't of Energy, At COP28, Countries Launch
Declaration to Triple Nuclear Energy Capacity by 2050, Recognizing the
Key Role of Nuclear Energy in Reaching Net Zero (Dec. 1, 2023), https:/
/www.energy.gov/articles/cop28-countries-launch-declaration-triple-
nuclear-energy-capacity-2050-recognizing-key.
\2\Press Release, World Nuclear Association, Six More Countries
Endorse the Declaration to Triple Nuclear Energy by 2050 at COP29 (Nov.
13, 2024), https://world-nuclear.org/news-and-media/press-statements/
six-more-countries-endorse-the-declaration-to-triple-nuclear-energy-by-
2050-at-cop29.
---------------------------------------------------------------------------
The World Bank last considered a nuclear energy project
more than 60 years ago, and other multilateral development
banks have followed its lead on supporting new nuclear power
generation. At a time when the United States already finances
nuclear energy abroad through the Export-Import Bank, it makes
sense for the World Bank and other international financial
institutions to embrace this clean energy source. H.R. 1474
lays the groundwork for financing by proposing a trust fund at
the Bank in order to deliver new resources for nuclear
projects. The trust fund would also finance technical
assistance in borrowing countries as they explore the potential
for nuclear power.
Committee Consideration
118TH CONGRESS
On February 2, 2023, Representative Patrick McHenry (R-NC)
introduced H.R. 806, the International Nuclear Energy Financing
Act of 2023. Representatives French Hill (R-AR), Michael McCaul
(R-TX), Byron Donalds (R-FL), and Michael Lawler (R-NY) were
subsequently added as cosponsors.
On February 7, 2023, the Committee Financial Services held
a hearing titled ``Combatting the Economic Threat from China,''
which examined risks to U.S. interests posed by China's
economic and geopolitical actions and actions that the U.S. can
take to mitigate malign Chinese actions through the utilization
of investment screening, sanctions, investment policies and
supervision, international financial institutions,
international financial flows, export financing, and the
Defense Production Act. A discussion draft of the bill was
considered in the hearing. Witnesses were Mr. Rich Ashooh,
former Assistant Secretary of Commerce for Export
Administration; Mr. Tom Feddo, former Assistant Secretary for
Investment Security at the Department of Treasury and former
Assistant Director for Enforcement at the Office of Foreign
Assets Control; Mr. Eric Lorber, former Senior Advisor to the
Undersecretary for Treasury's Terrorism and Financial
Intelligence Division; Mr. Clete Willems, former Deputy
National Security Advisor and Deputy National Economic Advisor;
and Mr. Peter Harrell, former Senior Director for International
Economic Policy with the Biden Administration.
On January 17, 2024, the Subcommittee on National Security,
Illicit Finance, and International Financial Institutions held
a hearing entitled ``International Financing of Nuclear
Energy.'' H.R. 806 was considered in the hearing. Witnesses
were Mr. Nicholas McMurray, Managing Director for Nuclear and
International Policy, ClearPath; Dr. Ben Reinke, Vice
President, Global Business Development, X-energy; Ms. Maria
Korsnick, President and Chief Executive Officer, Nuclear Energy
Institute; and Mr. Timothy L. Judson, Executive Director,
Nuclear Information and Resource Service.
119TH CONGRESS
On February 21, 2025, Representative French Hill (R-AR)
introduced H.R. 1474, the International Nuclear Energy
Financing Act of 2025, with Representative Ritchie Torres (D-
NY) as the original cosponsor. Representative Byron Donalds (R-
FL) was subsequently added as a cosponsor. The bill was
referred solely to the Committee on Financial Services.
Related Hearings
Pursuant to clause 3(c)(6) of rule XIII of the Rules of the
House of Representatives, the following hearing was used to
develop H.R. 1474:
The Full Committee held a hearing on February 25, 2025,
titled ``Examining Policies to Counter China.'' A discussion
draft of the bill was considered in the hearing. The following
witnesses appeared: Mr. John Miller, Senior Vice President of
Policy, Trust, Data, and Technology, and General Counsel of the
Information Technology Industry Council; Mr. Nicholas McMurray,
Managing Director of International and Nuclear Policy at
ClearPath; Mr. John Cassara, a retired United States Treasury
Department Special Agent; Mr. Martin Muhleisen, a Nonresident
Senior Fellow at the GAO Economic Center at the Atlantic
Council; and Dr. Rush Doshi, the C.V. Starr Senior Fellow for
Asian Studies, Director of the China Strategy Initiative at the
Council on Foreign Relations, and an Assistant Professor at
Georgetown University. Among the discussion regarding financing
for nuclear power projects that was presented at this hearing,
Mr. McMurray testified that Congress has a unique opportunity
to strengthen American solutions by modernizing export and
developing financing to support nuclear.
The Committee on Financial Services met in open session on
March 5, 2025 to consider, among others, H.R. 1474.
Committee Votes
Clause 3(b) of rule XIII of the Rules of the House of
Representatives requires the Committee Report to include for
each record vote on a motion to report the measure or matter
and on any amendments offered to the measure or matter the
total number of votes for and against and the names of the
Members voting for and against.
On March 5, 2025, the Committee ordered H.R. 1474, as
amended, to be reported favorably to the House by a recorded
vote of 39 yeas to 10 nays, a quorum being present. (Record
Vote No. FC-023).
The Committee considered the following amendments to H.R.
1474:
Representative Garbarino (R-NY) offered an
Amendment in the Nature of a Substitute, which made
minor edits and technical changes. The amendment was
adopted by a voice vote.
Representative Bill Foster (D-IL) offered an
amendment (No. 1) that would add language to Section 3,
clarifying that the United States will only advocate
for lifting the prohibition on nuclear energy financing
for projects that meet or exceed the quality standards
of the United States or our allied Nations. The
amendment was adopted by a voice vote.
Representative Sean Casten (D-IL) offered an
amendment (No. 2), that would require the U.S.
Executive Director at the multilateral development
banks to prioritize financial and technical assistance
to support the deployment of energy sources such as
solar and wind. The amendment was defeated in a
recorded vote of 19 yeas to 30 nays, a quorum being
present. (Record Vote No. FC-021).
Representative Maxine Waters (D-CA) offered
an amendment (No. 3) that would require the U.S.
Executive Director at the World Bank to oppose
financing for a nuclear project until certain policies
have been adopted at the bank. The amendment was
defeated in a recorded vote of 19 yeas to 30 nays
(Record Vote No. FC-022).
Representative Brad Sherman (D-CA) offered
an amendment (No. 4) which would have required client
countries to make specific agreements prior to the
removal of prohibitions on the generation of nuclear
energy. The amendment was withdrawn.
[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]
Committee Oversight Findings
Pursuant to clause 3(c) of rule XIII of the Rules of the
House of Representatives, the findings and recommendations of
the Committee, based on oversight activities under clause
2(b)(1) of rule X of the Rules of the House of Representatives,
are incorporated in the descriptive portions of this report.
Performance Goals and Objectives
Pursuant to clause 3(c)(4) of rule XIII of the Rules of the
House of Representatives, the goal of H.R. 1474 is to require
U.S. representatives at international bodies to advocate for
the removal of prohibitions against nuclear energy financing
and for U.S. officials to seek similar policy changes at
international financial institutions.
Committee Cost Estimate
Clause 3(d)(1) of rule XIII of the Rules of the House of
Representatives requires an estimate and a comparison of the
costs that would be incurred in carrying out H.R. 1474.
However, clause 3(d)(2)(B) of that Rule provides that this
requirement does not apply when, as with the present report,
the Committee adopts as its own the cost estimate for the bill
prepared by the Director of the Congressional Budget Office.
New Budget Authority and CBO Cost Estimate
With respect to the requirements of clause 3(c)(2) of rule
XIII of the Rules of the House of Representatives and section
308(a) of the Congressional Budget Act of 1974 and with respect
to requirements of clause 3(c)(3) of rule XIII of the Rules of
the House of Representatives and section 402 of the
Congressional Budget Act of 1974, the cost estimate by the
Congressional Budget Office pursuant to section 402 of the
Congressional Budget Act of 1974 is provided herein.
Unfunded Mandates Statement
Pursuant to Section 423 of the Congressional Budget and
Impoundment Control Act of 1974, Pub. L. No. 93-344 (as amended
by Section 101(a)(2) of the Unfunded Mandates Reform Act of
1995, Pub. L. No. 104-4), the Committee adopts as its own the
cost estimate prepared by the Director of the Congressional
Budget Office (CBO) pursuant to section 402 of the
Congressional Budget and Impoundment Control Act of 1974.
[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]
H.R. 1474 would require the Department of the Treasury to
advocate for multilateral development banks to provide
technical and financial assistance to promote the use of
nuclear energy in foreign countries. Under the bill, the
Administration would report on the effectiveness of those
efforts as part of an existing annual report.
On the basis of information about similar diplomatic
efforts and reporting requirements, CBO estimates that
implementing the bill would cost less than $500,000 over the
2025-2030 period. Such spending would be subject to the
availability of appropriated funds.
The CBO staff contact for this estimate is Sunita D'Monte.
The estimate was reviewed by Christina Hawley Anthony, Deputy
Director of Budget Analysis.
Phillip L. Swagel,
Director, Congressional Budget Office.
Earmark Statement
With respect to clause 9 of rule XXI of the Rules of the
House of Representatives, the Committee has carefully reviewed
the provisions of the resolution and states that the provisions
of the bill do not contain any congressional earmarks, limited
tax benefits, or limited tariff benefits within the meaning of
the rule.
Federal Advisory Committee Act Statement
No advisory committees within the meaning of section 5(b)
of the Federal Advisory Committee Act were created by this
legislation.
Applicability to the Legislative Branch
The Committee finds that the legislation does not relate to
the terms and conditions of employment or access to public
services or accommodations within the meaning of section
102(b)(3) of the Congressional Accountability Act.
Duplication of Federal Programs
Pursuant to clause 3(c)(5) of rule XIII of the Rules of the
House of Representatives, the Committee states that no
provision of the bill establishes or reauthorizes a program of
the Federal Government known to be duplicative of another
Federal program, including any program that was included in a
report to Congress pursuant to section 21 of the Public Law
111-139 or the most recent Catalog of Federal Domestic
Assistance.
Section-by-Section Analysis of the Legislation
The following is a section-by-section analysis of H.R.
1474, the International Nuclear Energy Financing Act of 2025:
Section 1. Short title
Section 1 provides that the short title is ``International
Nuclear Energy Financing Act of 2025.''
Section 2. Findings
Congress finds the following:
Nuclear power is an emissions-free energy
source that produces approximately 30 percent of the
world's low-carbon electricity. In 2021, 33 countries
operated nuclear power plants.
The People's Republic of China and the
Russian Federation have sought to export nuclear
reactors, reports have concluded that Chinese and
Russian nuclear reactors are associated with higher
safety risk than Western nuclear reactors, and
financial and operational support for nuclear power can
extend over decades, allowing Beijing and Moscow to
secure long-term influence in both advanced and
developing economies.
The Russian Federation is currently building
21 reactors outside its borders, while the People's
Republic of China is assembling more than a third of
reactors under construction globally.
In its report, ``International Status and
Prospects for Nuclear Power 2021'', the International
Atomic Energy Agency found 28 countries have expressed
interest in nuclear power and are considering, planning
or actively working to include it into their energy
mix; another 24 Member States participate in the
Agency's nuclear infrastructure related activities or
are involved in energy planning projects through the
technical cooperation program; ten to twelve embarking
Member States plan to operate nuclear power plants by
2030-2035, representing a potential increase of nearly
30 percent in the number of operating countries; and
several embarking countries have also expressed
interest in small modular reactors technology.
On December 2, 2023, the United States,
alongside more than 20 other countries, pledged to
triple nuclear energy capacity by 2050 and support the
financing of nuclear energy through the World Bank and
regional development banks to encourage the inclusion
of nuclear energy in their organizations' energy
lending policies as needed, and to actively support
nuclear power.
Section 3. Multilateral development bank support for Nuclear Energy
Amends the International Financial
Institutions Act to require the Secretary of Treasury
to instruct the United States Executive Director at the
International Bank for Reconstruction and Development,
the European Bank for Reconstruction and Development,
and, as the Secretary finds appropriate, any other
defined multilateral development bank to use the voice,
vote, and influence of the United States to advocate
for--
--the removal of prohibitions at the
respective banks against financial and
technical assistance for the generation and
distribution of nuclear energy; and
--increased internal capacity-building at the
respective banks for the purpose of assessing--
D the potential role of nuclear
energy in the energy systems of client
countries; and
D the delivery of financial and
technical assistance described in the
bill to the countries.
Section 4. Establishment of Nuclear Energy Assistance Trust Funds
Amends the International Financial
Institutions Act to require the Secretary of the
Treasury to instruct the United States Governors of the
International Bank for Reconstruction and Development,
the European Bank for Reconstruction and Development,
and, as appropriate, other defined international
financial institutions to use the voice, vote, and
influence of the United States to establish at each
such institution a trust fund to be known as the
`Nuclear Energy Assistance Trust Fund' to:
--provide financial and technical assistance
to support the generation and distribution of
nuclear energy in borrowing countries;
--ensure that the international financial
institution makes financing available on
competitive terms, including for the purpose of
countering credit extended by the government of
a country that is not a member of the OECD
Arrangement on Officially Supported Export
Credits;
--exclusively support the adoption of nuclear
energy technologies that meet or exceed the
quality standards prevalent in the United
States or a country allied with the United
States; and
--strengthen the capacity of the
international financial institution to assess,
implement, and evaluate nuclear energy
projects.
Requires revenues of such a trust fund be
made available for activities described above, or that
the United States share of the revenues be remitted to
the general fund of the Treasury.
Prohibits this section from being
interpreted to affect the ability of the United States
Governor of, or the United States Executive Director
at, a defined international financial institution to
encourage the provision of financial or technical
assistance from non-trust fund resources of the
institution to support the generation or distribution
of nuclear energy.
Section 5. Inclusion in an Annual Report
Requires, during the seven-year period that
begins with the date of enactment of this Act, the
Chairman of the National Advisory Council on
International Monetary and Financial Policies to
include in the annual report required by section 1701
of the International Financial Institutions Act a
description of any progress made--
to promote defined multilateral development
bank assistance for nuclear energy; and
--to establish a trust fund pursuant to
section 1507 of such Act or a summary of the
activities of any such trust fund.
Section 6. Sunset
Sunsets this Act and the amendments made by
this Act beginning 10 years after the date of the
enactment.
Changes in Existing Law Made by the Bill, as Reported
In compliance with clause 3(e) of rule XIII of the Rules of
the House of Representatives, changes in existing law made by
the bill, as reported, are shown as follows (new matter is
printed in italics and existing law in which no change is
proposed is shown in roman):
INTERNATIONAL FINANCIAL INSTITUTIONS ACT
* * * * * * *
TITLE XV--OTHER POLICIES
* * * * * * *
SEC. 1506. MULTILATERAL DEVELOPMENT BANK SUPPORT FOR NUCLEAR ENERGY.
The Secretary of the Treasury shall instruct the United
States Executive Director at the International Bank for
Reconstruction and Development, the European Bank for
Reconstruction and Development, and, as the Secretary finds
appropriate, any other multilateral development bank (as
defined in section 1307(g)) to use the voice, vote, and
influence of the United States to advocate for--
(1) the removal of prohibitions at the respective
bank against financial and technical assistance for the
generation and distribution of nuclear energy, to the
extent that the prohibitions apply to nuclear
technologies that meet or exceed the quality standards
prevalent in the United States or a country allied with
the United States; and
(2) increased internal capacity-building at the
respective bank for the purpose of assessing--
(A) the potential role of nuclear energy in
the energy systems of client countries; and
(B) the delivery of financial and technical
assistance described in paragraph (1) to the
countries.
SEC. 1507. ESTABLISHMENT OF NUCLEAR ENERGY ASSISTANCE TRUST FUNDS.
(a) In General.--The Secretary of the Treasury shall instruct
the United States Governors of the International Bank for
Reconstruction and Development, the European Bank for
Reconstruction and Development, and, as the Secretary deems
appropriate, other international financial institutions (as
defined in section 1701(c)(2)) to use the voice, vote, and
influence of the United States to establish at each such
institution a trust fund to be known as the ``Nuclear Energy
Assistance Trust Fund'' that meets the requirements of
subsections (b) and (c) of this section.
(b) Purposes.--The purposes of such a trust fund shall be the
following:
(1) To provide financial and technical assistance to
support the generation and distribution of nuclear
energy in borrowing countries.
(2) To ensure that the international financial
institution makes financing available on competitive
terms, including for the purpose of countering credit
extended by the government of a country that is not a
member of the OECD Arrangement on Officially Supported
Export Credits.
(3) To exclusively support the adoption of nuclear
energy technologies that meet or exceed the quality
standards prevalent in the United States or a country
allied with the United States.
(4) To strengthen the capacity of the international
financial institution to assess, implement, and
evaluate nuclear energy projects.
(c) Use of Trust Fund Revenues.--The revenues of such a trust
fund shall be made available for activities for the purposes
described in subsection (b), or the United States share of the
revenues shall be remitted to the general fund of the Treasury,
as the Secretary finds appropriate.
(d) Rule of Interpretation.--This section shall not be
interpreted to affect the ability of the United States Governor
of, or the United States Executive Director at, an
international financial institution (as so defined) to
encourage the provision of financial or technical assistance
from non-trust fund resources of the institution to support the
generation or distribution of nuclear energy.
* * * * * * *
MINORITY VIEWS
This bill would attempt to require the multilateral
development banks (MDBs) to reverse their longstanding
prohibitions on public subsidies for nuclear energy. The MDBs
do not currently fund these nuclear power generation projects
because of both unique safety and national security concerns,
and requiring them to fund these projects would come at the
expense of readily available alternative forms of energy
generation and over the objections of local communities around
the world.
As history has shown, accidents at nuclear plants can cause
dangerous levels of radiation to be released in nearby
communities. For example, in 2011, an earthquake cut off
external power to Japan's Fukushima Daiichi nuclear reactors
and the subsequent tsunami disabled backup diesel generators.
The damage to three of the reactor cores contaminated a wide
area surrounding the plant, forced the evacuation of nearly
half a million residents, and led to Japan reducing its use of
nuclear power.\1\ The accident sparked protests in other
nations considering nuclear power generation projects.\2\
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\1\Union of Concerned Scientists, A Brief History of Nuclear
Accidents Worldwide (Oct. 1, 2013).
\2\Hurriyet Daily News, N. Karanfil, Protest marks ground breaking
ceremony for Turkey's first nuclear power plant (Apr. 15, 2025); Al
Jazeera, A. Abuqudairi, Jordan nuclear battle heats up (Apr. 14. 2014).
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There are also substantial risks associated with the
storage of spent nuclear fuel, the major component of the
radioactive waste produced by nuclear reactors. According to
the U.S. Nuclear Regulatory Commission, waste from nuclear
reactors is a long-term problem because ``they produce fatal
radiation doses during short periods of direct exposure. For
example, 10 years after removal from a reactor, the surface
dose rate for a typical spent fuel assembly exceeds 10,000 rem/
hour--far greater than the fatal whole-body dose for humans of
about 500 rem received all at once. If isotopes from these
high-level wastes get into groundwater or rivers, they may
enter food chains. The dose produced through this indirect
exposure would be much smaller than a direct-exposure dose, but
a much larger population could be exposed.''\3\ Even the
wealthiest of nations, like those in the European Union, have
trouble with finding permanent sites to store their nuclear
waste.\4\
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\3\U.S. NRC, Backgrounder on Radioactive Waste (Accessed Mar. 2,
2025).
\4\Politico, K. Oroschakoff, M. Solletty, Burying the atom: Europe
struggles to dispose of nuclear waste (Jul. 19, 2017).
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Further, traditionally, the poorest neighborhoods and
communities of color suffer disproportionate effects of nuclear
waste, construction, and testing.\5\ For example, in completing
the Manhattan Project, the U.S. displaced American Indian and
non-Indian residents off of their Washington-state land, with
wholly insufficient compensation for the forced move.\6\ When
the U.S. Army was engaging in radiation testing in the 1950s
and 1960s, residents of St. Louis' Black public housing
complex, Pruitt-Igoe Housing, were unwittingly subjected to
toxic spraying in their community.\7\ The same disparities
continue to exist today in the U.S. as new sites for
construction and waste are contemplated. One study found that
African-American populations were found in disproportionately
greater numbers to live within a 50-mile radius of nuclear
plants than white populations who were more likely to live
beyond the 50-mile mark.\8\ There are, thus, ongoing concerns
that these ``nuclear frontline communities''\9\ may be
determined by which communities are the least capable of
fighting back against the risks associated with those
decisions.\10\ This concern extends to developing countries,
sometimes desperate for foreign investment dollars, which may
be more vulnerable to requests from wealthier nations to accept
imported radioactive waste for storage, thus dumping this
dangerous remnant of the power generation process on the
poorest of global communities.
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\5\Ibid. Note 3.
\6\Ibid. Note 4.
\7\Gizmodo, D. T. O'Shea, Did the Army's Secret Radiation
Experiments Sabotage a Housing Project? (Dec. 8, 2022).
\8\Stanford University, A. Adebagbo, Environmental Injustice:
Racism Behind Nuclear Energy (Mar. 26, 2018).
\9\Union of Concerned Scientists, What Are Nuclear Frontline
Communities? (Mar. 23, 2022).
\10\International Journal of Environmental Research and Public
Health, D. Kyn, B. Bolin, Emerging Environmental Justice Issues in
Nuclear Power and Radioactive Contamination (Jul. 2016).
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Importantly, spent fuel can also be reprocessed into
weapons-usable plutonium.\11\ ``Dirty bombs'' and other
unauthorized uses of nuclear waste can lead to illness, death,
environmental damage, and other significant and long-term
socio-economic costs.\12\ As stated by the author of the World
Nuclear Waste Report, ``We are talking about time frames that
are beyond the human scale of what we can think of. We still
don't know where to put the waste safely in a way that nobody
will get harmed, that it is not vulnerable to terrorist
attacks, that it is not being stolen to build nuclear
bombs.''\13\
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\11\Nuclear Threat Initiative, C. Ferguson, Risks of Civilian
Plutonium Programs (Jun. 30, 2004); Center for Arms Control and Non-
Proliferation, Fact Sheet: Nuclear Proliferation Risks in Nuclear
Energy Programs (Mar. 2021).
\12\Time, S. Shuster, Inside the Uranium Underworld: Dark Secrets,
Dirty Bombs (Apr. 10, 2017); GAO, Issues Summary: Security of
Radioactive Materials (Accessed Mar. 2, 2025).
\13\DW.com, A. Niranjan, What happens to nuclear waste from power
plants? (Nov. 13, 2019).
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Notably, while the bill does require that its newly
established Trust Fund, ``support the adoption of nuclear
energy technologies that meet or exceed the quality standards
prevalent in the United States or a country allied with the
United States,'' the current administration is already working
to gut those standards. In his first month in office, President
Trump declared, via executive order,\14\ that the Nuclear
Regulatory Commission will no longer be viewed by his
Administration as an independent agency.\15\ This is despite
being established as such by Congress to ensure the safe use of
radioactive materials for civilian purposes, while protecting
people and the environment, free from political and industry
influence.\16\ Demonstrating the importance of this
independence was the Fukushima accident's investigation report,
which determined, ``The TEPCO Fukushima Nuclear Power Plant
accident was the result of collusion between the government,
the regulators and TEPCO, and the lack of governance by said
parties.''\17\ The Trump Administration rush towards a ``long-
awaited nuclear renaissance,''\18\ has also resulted in two
other executive orders designed to reverse agency actions which
``impose an undue burden on the identification, development or
use of . . . nuclear energy resources''\19\ and to facilitate
the movement and use of uranium for the generation of nuclear
power.\20\ We know, too, that Trump, Elon Musk, and their
``Department of Government Efficiency'' have haphazardly fired
or urged nuclear scientists and safety staff to resign,\21\
closed a nuclear waste disposal office,\22\ and illegally
dismissed the Congressionally mandated Inspector Generals at
the Departments of Energy and Interior as well as the
Environmental Protection Agency.\23\
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\14\White House, Ensuring Accountability for All Agencies (Feb. 18,
2025).
\15\E&E, Politico, A.J. Delgado, Trump's executive order puts
nuclear safety at risk, experts warn (Feb. 24. 2025).
\16\Bulletin of the Atomic Scientists, A. Macfarlane, Trump just
assaulted the independence of the nuclear regulator. What could go
wrong? (Feb. 21, 2025).
\17\The National Diet of Japan, The official report of The
Fukushima Nuclear Accident Independent Investigation Commission:
Executive Summary (2012).
\18\Dept. of Energy, Secretary Wright Acts to ``Unleash Golden Era
of American Energy Dominance'' (Feb. 5, 2025).
\19\White House, Unleashing American Energy (Jan. 20, 2025).
\20\White House, Declaring a National Energy Emergency (Jan. 20,
2025).
\21\New York Times, S. LaFraniere, M. Kim, J. Tate, DOGE Cuts Reach
Key Nuclear Scientists, Bomb Engineers and Safety Experts (Mar. 17,
2025).
\22\E&E News, Politico, R. Bravender, H. Richards, J. Yachnin, DOGE
ditches environmental offices nationwide (Mar. 5, 2025).
\23\E&E News, Politico, M. Quinones, K. Bogardus, Trump fires
agency watchdogs, sparks partisan rancor (Jan. 27, 2025).
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Finally, the price tag for the construction of a new
nuclear power plant is upwards of tens of billions of
dollars,\24\ a significant portion of which comes from the
plant's construction.\25\ Some of the construction cost is due
to the timeline: It can take decades to develop nuclear power
projects\26\ and further costs can accrue from unexpected
lengthy delays in a project's financing.\27\ There are notable
nuclear power projects in the U.S. that have experienced
significant time and cost overruns.\28\ The two newest Vogtle
plant reactors, for example, were started in Georgia in 2009
and expected to come online by 2017 at a cost of $14
billion.\29\ The project was not completed, however, until 2024
and cost close to $35 billion.\30\ Given these considerations,
financially constrained MDBs must make choices regarding which
energy infrastructure projects to prioritize, especially if
funding nuclear energy projects might require a reduction in
funding renewable energy projects, such as solar and wind-
powered options. Support for such projects could also curtail
funding opportunities in other sectors addressed by the MDBs,
such as nutrition, education, healthcare, and sanitation.
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\24\Our World of Energy, What does it cost to build a nuclear power
plant? (Aug. 21, 2023); Synapse Energy Economics, Inc. D. Schlissel, B.
Biewald, Nuclear Power Plant Construction Costs (Jul. 2008).
\25\Construction Physics, B. Potter, Why Are Nuclear Power
Construction Costs so High? Part I (Jun. 9, 2022).
\26\Climate Central, Challenges to nuclear energy growth (Accessed
Mar. 2, 2025).
\27\World Nuclear Association, Economics of Nuclear Power (Aug.
2022).
\28\Ibid.
\29\Business Insider, 2 nuclear reactors that can power 1 million
US homes with clean, sustainable energy is $21 billion over budget and
years behind schedule, (Dec. 19, 2023).
\30\AP News, A second new nuclear reactor is completed in Georgia.
The carbon-free power comes at a high price (Apr. 29, 2024).
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During the markup, Rep. Casten (D-IL) proposed an amendment
that would mandate that the MDBs prioritize financial and
technical assistance to the development of zero-emission energy
sources and infrastructure, including nuclear,
hydroelectricity, solar, wind, geothermal, marine energy,
energy storage, electricity transmission. This amendment was
rejected by Republicans. Rep. Waters (D-CA) proposed an
amendment that would delay the financing of nuclear energy
financial and technical assistance at each MDB until they
individually adopt policies that: 1) obtain the consent of
local communities and civil society organizations prior to
providing nuclear financing; 2) require a comprehensive plan
addressing the disposal of spent nuclear fuel and hazardous
waste; and 3) permit private rights of action related to
project-related damages. This amendment was also rejected by
the majority.
H.R. 1474 is opposed by Nuclear Information & Resource
Service (NIRS), the Union of Concerned Scientists, Public
Citizen, and Friends of the Earth.
For all of these reasons, we also oppose H.R. 1474.
Sincerely,
Maxine Waters,
Ranking Member.
Al Green,
Rashida Tlaib,
Cleo Fields,
Joyce Beatty,
Sylvia R. Garcia,
Members of Congress.
[all]