High Country Times

Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) commented on the Biden-Harris administration’s final rule concerning the increased self-insurance liability obligations of coal production companies. In her statement, Chairwoman Foxx criticized the administration's approach.

“The Biden-Harris DOL is hanging the coal industry out to dry," she stated. She expressed concern over what she described as a "one-size-fits-all approach" to collateralization for Black Lung Benefits Act obligations. According to Foxx, this new rule places a significant burden on companies with a proven ability to meet their financial obligations related to the Black Lung Disability Trust Fund.

Foxx highlighted the challenges coal operators face due to limited affordable surety and commercial insurance options. Companies that opt for self-insurance will now have to list Black Lung Benefits Act obligations as liabilities on their balance sheets. She believes this requirement will complicate liquidity management for these operators and discourage investment in the coal mining workforce.

She also noted that "coal miners are vital to states’ economies" and accused Democrats of imposing additional bureaucratic hurdles and controls that negatively impact this critical industry. In her view, “it is clear that the energy sector has no friends in the Biden-Harris administration.”