US lawmakers seek independent review coal cleanup subsidy

Reuters: Federal auditors should examine a program that has allowed leading coal companies to lower cleanup insurance costs and could leave taxpayers on the hook if the miners declare bankruptcy, Democratic lawmakers said on Tuesday. Coal companies are responsible for spent mines and they typically use cash, bonds or other financing to cover future cleanup costs. But some of the largest producers use self bonds, which are not backed by concrete collateral, to insure such costs. Regulators worry those......

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