Boston (February 14, 2025) - Senator Edward J. Markey (D-Mass.), a member of the Senate Environment and Public Works Committee, released the following statement after Environmental Protection Agency (EPA) Administrator Lee Zeldin attacked the lawfully established and properly structured deployment of funds through the National Clean Investment Fund and the Clean Communities Investment Accelerator. These programs, which were included in the Inflation Reduction Act, are expected to mobilize $150 billion in private and public capital to lower energy bills, support community resiliency and clean environments, and create good-paying jobs.  

“Congress passed a law with a majority of votes that directed the Environmental Protection Agency to establish a national clean financing network to provide financing for local economic development and energy projects across the country. The EPA followed the law—a concept that is apparently unfamiliar to the Trump-Musk administration—and entered into legally binding contracts with grant recipients so these federal dollars can start helping families and small businesses lower their energy bills and create local economic opportunity. Financial Agency Agreements, like the one that EPA developed with Citibank for this program over the course of a rigorous yearlong process, have been available to the U.S. Treasury since the 1860s. These agreements allow federal grant recipients to account for funds they are legally entitled to on their balance sheets, enabling them to leverage private sector dollars. This process has always been transparent—all processes and decisions were based on timelines set by law and with full disclosure to EPA’s Office of the Inspector General and the Government Accountability Office.

“Make no mistake—this is just another attempt by the administration to fund their millionaire and billionaire tax breaks off the backs of hardworking Americans,” continued Senator Markey. “I urge Citibank not to give into the administration’s fact-free fearmongering and bullying. Administrator Zeldin said clearly that the agency hasn’t found any evidence of fraud. He’s just kicking up dust so you can’t see the administration’s true intent—taking money away from our communities for their own billionaire giveaways. The contracts for this national clean financing network are clear: the funding needs to be accessible to recipients. Laws passed by Congress and contracts between parties can’t legally be broken on a whim. No matter what reality the Trump-Musk administration is operating in, it can’t ignore that fact.”  

Senator Markey secured numerous provisions in the Inflation Reduction Act, including the creation of a $27-billion national climate financing network based on his National Climate Bank Act. Following the passage of the Inflation Reduction Act in 2022, Senators Markey and Van Hollen and Congresswoman Dingell—the House lead on the climate financing legislation—welcomed the launch of the Greenhouse Gas Reduction Fund in April 2023. 

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