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Palmer Introduces Bill to Rescind $1.6 Billion of Inactive Funds

September 7, 2018
Press Release

For Immediate Release
Media Contact: Elizabeth Hance (202) 225-4921
 

Palmer Introduces Bill to Rescind $1.6 Billion of Inactive Funds

Washington, D.C. – Congressman Gary Palmer (R-AL) released the following statement after introducing a new bill that would rescind the $1.6 billion in unobligated balances remaining in the United States Enrichment Corporation (USEC) Fund.

“The government is borrowing millions of dollars every day while we have $1.6 billion sitting in an account that cannot be used,” Palmer said. “Since 2015, the Government Accountability Office and officials within USEC have advocated for the rescission of this money. Now is the time for Congress to act.”

The USEC began under the Energy Policy Act of 1992 to provide uranium enrichment services for the government and utilities. USEC was eventually privatized, eliminating the need for government funding, but a balance of $1.6 billion now remains.

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