Sen. Joe Manchin earned $500,000 in 2020 from his son's energy firm, which Manchin founded in 1998.
He's also the chair of the Senate Energy and Natural Resources Committee, which regulates the industry.
He's received thousands from Exxon lobbyists and Republican oil and gas titans.
10 Things in Politics: The latest in politics & the economy Loading Something is loading. Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy
Democratic Sen. Joe Manchin of West Virginia, who has in his own words "never been in a liberal in any way shape or form," is currently holding up the $3.5 trillion reconciliation bill that central to President Joe Biden's "Build Back Better" domestic agenda.
But he's also likely to hold back any further action to combat the climate crisis, which could impact his million-dollar investments in the coal and energy industries.
Manchin told CNN in July that he was disturbed by aspects of the $3.5 trillion reconciliation bill, including provisions that would target the fossil fuel industry.
"I'm finding out there's a lot of language in places they're eliminating fossils, which is very, very disturbing, because if you're sticking your head in the sand, and saying that fossil (fuel) has to be eliminated in America, and they want to get rid of it, and thinking that's going to clean up the global climate, it won't clean it up all," Manchin said. "If anything, it would be worse."
As The Guardian reported in partnership with the Center for Media and Democracy in July, Manchin himself founded a private coal brokerage in 1998 called "Enersystems." Though currently run by his son, Manchin still owns as much as a $5 million stake in the company, raking in $500,000 of income from it in 2020 alone. As of late 2019, Manchin was by far the most invested of any senator in "dirty energy."
Manchin serves as chair of the Senate Energy and Natural Resources Committee, which oversees the coal industry as well as "global climate change." As Sludge reported in early July, Manchin told the 2021 annual conference of the Edison Electric Institute in June that "coal-fired plants are being unfairly targeted by environmentalists."
Manchin also draws significant campaign funding from the energy industry as well, including $65,000 from oil giant Exxon's lobbyists and political action committee. He also attended a July fundraiser in Houston held by a number of Texas oil and gas titans who otherwise donate exclusively to Republicans.
Keith McCoy, Exxon's senior director of federal relations, bragged in a leaked video recording that he talked to Manchin's office every week. "He is the kingmaker, and he's not shy about staking his claim early and completely changing the debate," he said.
In contrast, Manchin does not seem to engage as much with activists concerned about the climate crisis.
"We do not speak to Manchin's office every week. This is bullshit," the Sunrise Movement's communications director, Ellen Sciales, told the Huffington Post. "Especially as there are unprecedented and fatal heat waves across the country, it's outrageous that our politicians are working with the very people responsible for the extreme weather instead of looking out for the American people."
PepeBabinski on October 2nd, 2021 at 15:58 UTC »
People keep asking what is in the bill and who would it help. Below is a description of all the main aspects of the bill.
Provisions of the 3.5 Trillion Dollar BillTwo free years of community college
The legislation provides two years of free community college for all students, regardless of family income. It is anticipated to cost $108 billion.
Child care and universal pre-K
Every family that applies shall be offered child care assistance for children ages 0 to 5. In all, the plan allocates roughly $450 billion to lower the cost of child care and provide two years of universal pre-K for 3- and 4-year-olds, according to the House Education and Labor Committee.
Medicare expansion
This heavily debated provision would expand Medicare to include coverage of dental, hearing, and vision services.
Extended child tax credit
Democrats expanded the child tax credit for 2021 in their $1.9 trillion COVID-19 relief plan, and now want to extend it through 2025. Under the enhancement, families receive $3,600 per child under age 6, and $3,000 per child age 6 to 18. Most families receive monthly payments of either $250 or $300 per child.
Cut prescription drug prices
Another key provision in the bill is aimed at helping to slash prescription drug prices. Americans on average pay two to three times as much as people in other countries for prescription drugs, according to the White House. Among other things, the legislation allows Medicare to negotiate drug prices. Medicare is currently prohibited by law from negotiating for the best deal.
Paid family and medical leave
For the first time in history, the U.S. would have comprehensive paid leave, covering 12 weeks of paid family and medical leave. The legislation would replace at least two-thirds of earnings, up to $4,000 per month, while the lowest-paid workers would receive 80% of their income. The White House has previously estimated the plan would cost $225 billion over the next 10 years.
Climate change
Combating climate change and slowing the rate at which Earth warms will mean transitioning away from fossil fuels, the major source of greenhouse gas emissions. One provision that Manchin has objected to is the $150 billion "clean electricity performance program," which would pay utility companies that increase their renewable energy supplies by 4% per year. Companies that do not hit this benchmark would face financial penalties. The bill also provides significant funding for forest management and other wildfire control measures. There are also measures to incentivize the buying of electric vehicles and the construction of charging stations; consumer rebates to homeowners who weatherfit their houses; and financial penalties for oil and gas producers for methane leaks, among other things.
Lesser-known provisions
The massive bill has a slew of lesser-known provisions as well.
For instance, the bill would authorize $5 million a year for the Small Business Administration for an entrepreneurial program for formerly incarcerated individuals.
The bill also directs $2.5 billion for the Justice Department to award competitive grants or contracts to local governments, community-based organizations and other groups to support intervention strategies to reduce community violence.
Tiny_Rick_C137 on October 2nd, 2021 at 15:48 UTC »
$500k annually from dividends? Holy shit.
Cazidin on October 2nd, 2021 at 13:58 UTC »
Remind me again why we allow our politicians and their immediate family to be invested in the stock market, and enter lobbying or consulting careers so quickly after they exit office in America?
Is this a problem abroad?