George David Banks – ACCF
American Council for Capital Formation
Mon, 05 Oct 2026 19:47:05 +0000
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George David Banks – ACCF
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ACCF endorses the Bipartisan American Affordability and Jobs Act of 2026
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Mon, 05 Oct 2026 19:47:04 +0000
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“The ACCF endorses the Bipartisan American Affordability and Jobs Act of 2026 and urges the Senate to take it up promptly after the recess.
“The constraint on American energy and infrastructure investment is no longer a shortage of capital. It is the inability to deploy that capital against a predictable schedule. Projects that take a decade to permit, and that remain exposed to revocation after a change in administration, carry a political risk premium that shows up in higher required returns on investment, shorter offtake contracts, and projects that are never financed. Those costs are borne by manufacturers, households, and the industries that depend on reliable power.
“The bill addresses that problem directly. Its project-certainty provisions limit post-approval reversal to extraordinary circumstances, violations of law, or a court order, and they give permit holders a remedy when an agency interferes without cause. Durable permits lower the cost of capital for pipelines, generation, transmission, mining, and manufacturing facilities alike. The same logic applies across technologies. A permit that can be unwound for political reasons is not an asset a lender or equity investor can underwrite.
“Enforceable review deadlines and a 150-day window for judicial challenge reinforce that result. Capital is stranded not only by denial but by open-ended processes. Requiring agencies to decide, and confining litigation to claims raised on the record, lets sponsors price a project rather than a lawsuit. Remand without vacatur, which leaves the rule in active effect while it is being fixed for procedural defects, keeps construction from being used as leverage while the agency corrects the record. Substantive environmental statutes remain in force.
“The transmission and large-load provisions belong in the same capital-formation frame. Expanded authority to site interstate lines, concurrent state and federal review, and planning for regional and interregional needs reduce the interconnection backlog that is now a binding constraint on new investment. Requiring data centers and other large loads to pay the transmission costs associated with their demand protects other ratepayers and avoids socializing one sector’s expansion onto the rest of the economy.
“ACCF has long argued that growth depends on the ability to form and deploy capital in productive assets. Permitting reform is tax policy by other means: it raises the after-risk return on domestic investment without a new subsidy. The Bipartisan American Affordability and Jobs Act is a practical step in that direction. Congress should pass it.”
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Don’t Ban America’s Diesel Fuel Exports
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Tue, 29 Sep 2026 16:28:36 +0000
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American energy exports sit at the intersection of economic strength and geopolitical security. Liquefied natural gas, crude oil, gasoline, and diesel support domestic investment and high-paying jobs while supplying allies confronting dangerous and costly disruptions. Proposals to restrict any of those exports may sound like is would bring relief for American consumers. However, in practice, export bans would discourage production, weaken allies, and likely lead to higher not lower prices.By way of background, the shale revolution transformed the United States into a leading global energy supplier. Horizontal drilling and hydraulic fracturing unlocked vast resources from the Permian, Marcellus, Haynesville, Bakken, and other formations. The resulting abundance lowered natural-gas prices, strengthened manufacturing and improved America’s trade position.That advantage now matters more than ever. U.S. LNG helped Europe replace Russian pipeline gas after Moscow invaded Ukraine, limiting the Kremlin’s ability to weaponize energy. Now, attacks on Russian refineries are threatening supplies of diesel and other products, while widening Middle East hostilities and Houthi attacks on commercial shipping endanger critical fuel trade routes. This is precisely the wrong moment for America to retreat from global energy markets.As with LNG, banning diesel fuel exports would damage America’s reputation as a reliable supplier and jeopardize long-term contracts that support billions of dollars in investment. An export ban, or even quotas as some discussions suggest, would strand diesel production, and reduce supply. Restricting exports would not guarantee cheaper diesel fuel. In fact, since petroleum products trade in globally connected markets, limiting much needed global diesel supply, especially in an already supply constrained market, would raise diesel prices rather than lower them. Additionally, due to the complex nature of refining processes, a diesel export ban would also restrict gasoline supply, raising those prices as well. Domestic affordability should remain a priority, but export bans attack the symptom rather than the cause. The durable response is more production, better infrastructure, sufficient refining capacity, faster permitting, and a predictable globally integrated energy supply policy.America’s energy abundance is a strategic asset. Banning the export of any fuel products would not protect consumers. It would weaken investment at home, abandon allies abroad, reduce reliable supply, and make global energy markets less, not more, secure.
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America at 250: Renewing the Promise of Growth, Opportunity, and Freedom
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Fri, 03 Jul 2026 17:40:33 +0000
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As the United States approaches its 250th anniversary, Americans have an opportunity to reflect on the principles that built this nation—and how they can guide us through the challenges and possibilities ahead.
For two and a half centuries, America has been the world’s most successful experiment in freedom, democracy, innovation, and economic opportunity. From a small collection of colonies along the Atlantic coast, the United States grew into the world’s largest economy, a global leader in science and technology, and a beacon for millions seeking a better life.
That success was never guaranteed. It stemmed from generations of Americans who recognized the deep link between freedom and prosperity. Constitutional rights, strong institutions, open markets, and secure property rights created an environment where individuals could innovate, entrepreneurs could build, workers could advance, and investors could provide the capital needed to turn ideas into reality.
For 50 years, the American Council for Capital Formation has been privileged to contribute to this national conversation. Since its founding, ACCF has advanced policies that promote capital formation, economic growth, technological progress, energy security, and broad-based opportunity. Through objective research, thoughtful analysis, and bipartisan engagement, ACCF has worked to strengthen the foundations of long-term prosperity.
These principles—rewarding innovation, fostering competitive markets, and enabling access to capital—powered the industries that drive our economy, from manufacturing and energy to healthcare, agriculture, finance, and technology.
As we look to the future, America confronts rapid advances in artificial intelligence, intensifying global competition, evolving energy demands, demographic shifts, fiscal pressures, and geopolitical risks. Yet these same forces open extraordinary possibilities: new technologies, emerging industries, scientific breakthroughs, and expanded capital access can improve lives and generate prosperity on an unprecedented scale.
Realizing this promise demands sound public policy and visionary leadership. Policymakers must encourage investment, support innovation, bolster America’s competitive edge, ensure energy security, and sustain the economic dynamism that defines our nation.
Most importantly, America must renew its confidence in the enduring principles that have served it so well: freedom, opportunity, personal responsibility, innovation, the rule of law, and the conviction that growth is essential to a stronger, more prosperous future.
George David BanksPresident and CEOAmerican Council for Capital Formation
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New Report: Declining U.S. Refining Capacity Threatens American Energy Dominance and Economic Independence
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Tue, 23 Jun 2026 14:21:20 +0000
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U.S. Must Strengthen Domestic Refining or Risk Ceding Strategic Leverage to Foreign Competitors
Washington, D.C. — America’s refining sector — a critical pillar of economic strength, military readiness, and global energy security — is facing mounting structural challenges that threaten U.S. energy security, according to a new report from the American Council for Capital Formation (ACCF). The report, Challenges Facing U.S. Refining: Risks to American Energy Dominance and Economic Independence , authored by ACCF President and CEO George David Banks and submitted to the Louisiana Department of Conservation and Energy, finds that while the United States remains one of the world’s leading crude oil producers, its downstream refining capacity is eroding in ways that could leave consumers, industry, allies, and national defense increasingly exposed to foreign leverage.
“Energy dominance is more than just producing crude oil. It is about turning that resource into the fuels, petrochemicals, and strategic materials that power the economy and strengthen national security,” said Banks. “America’s refining system is one of our greatest strategic assets, but that advantage is no longer guaranteed. Without policy recalibration, the United States risks ceding supply resilience and geopolitical influence to foreign competitors.”
The report warns that U.S. refining capacity has stagnated and declined in key regions even as domestic crude production has reached record levels. Since 2019, more than one million barrels per day of refining capacity has been permanently lost, with additional closures and conversions underway, particularly on the East and West Coasts. At the same time, remaining U.S. refineries are operating near full utilization, leaving limited spare capacity to absorb weather events, infrastructure failures, or global supply shocks.
The report also highlights a structural mismatch in U.S. energy markets: roughly 70% of U.S. refining capacity is optimized for heavy, sour crude, while domestic shale production is overwhelmingly light, sweet crude. As a result, the United States exports large volumes of domestic light crude while importing heavier grades needed to keep complex refineries operating efficiently. Foreign competitors are moving aggressively to expand their refining capacity. China has built a state-directed refining system rivaling U.S. scale, tightly integrated with petrochemicals and manufacturing supply chains. India has emerged as a major refining exporter by exploiting sanctions-driven discounts on Russian crude, gaining cost advantages over U.S. refiners. Across the Middle East, Africa, and Latin America, state-backed refinery projects are reshaping global fuel flows and threatening U.S. export markets.
The report’s topline findings include:
U.S. refining is strategic infrastructure. American refineries convert domestic resource abundance into fuels, petrochemical feedstocks, and military-critical products essential to economic and national security.
Domestic capacity is eroding. More than one million barrels per day of U.S. refining capacity has been lost since 2019, with additional closures and conversions reducing conventional fuel capacity.
Crude quality mismatches create vulnerabilities. U.S. shale production is largely light, sweet crude, while many Gulf Coast refineries are optimized for heavier grades that must be imported.
Foreign competitors are expanding aggressively. China, India, and state-backed refiners in other regions are increasing capacity, capturing market share, and using policy advantages to pressure U.S. refiners.
Policy pressures are accelerating decline. Layered regulations, permitting barriers, infrastructure constraints, and demand uncertainty are deterring investment and making new refinery construction unlikely. To protect U.S. energy security and preserve downstream industrial strength, the report calls for:
Securing reliable access to heavy sour crude that matches existing U.S. refinery configurations, including expanded flows from strategically important suppliers.
Streamlining regulatory burdens that raise compliance costs, discourage investment, and accelerate refinery closures.
Removing infrastructure bottlenecks that distort domestic energy markets and limit the ability to move crude and refined products efficiently.
Refocusing trade policy to counter unfair foreign refining advantages, protect domestic producers from subsidized imports, and preserve access to necessary feedstocks.
Integrating refining into a broader U.S. manufacturing and energy security strategy that recognizes its foundational role in petrochemicals, advanced materials, industrial competitiveness, and national defense.
“Refining is the value-added manufacturing linchpin that turns American energy abundance into economic power,” Banks concluded. “Targeted reforms can stabilize domestic capacity, defend U.S. global leadership, and secure the downstream backbone of American energy dominance.”
READ THE FULL REPORT: Challenges Facing U.S. Refining: Risks to American Energy Dominance and Economic Independence
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Self-inflicted eclipse: How solar energy lost Republican support
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Thu, 26 Mar 2026 12:39:12 +0000
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For decades, the solar deployment industry was a bipartisan darling — a rare status in Washington. The solar Investment tax credit was not a product of progressive activism but was created by a Republican trifecta in 2005, then extended repeatedly with overwhelming bipartisan support.
Back then, solar deployment incentives were viewed as a straightforward investment policy to mobilize private capital, expand electricity supply, and support domestic jobs. Solar power plants were not a cultural symbol. They were essential infrastructure.
Today, that coalition has largely collapsed — and with it, support for the solar deployment industry.
The One Big Beautiful Bill Act sharply curtailed many incentives for solar deployment while safeguarding — even strengthening — programs designed to support high-value solar manufacturing that creates long-term, good-paying American jobs. The residential solar tax credit expired at the end of 2025, utility-scale projects face compressed eligibility windows, and new restrictions on rooftop leasing and third-party ownership threaten business models.
These reversals did not happen overnight. They emerged gradually as trust eroded between the solar deployment industry and Republican policymakers.
Part of the breakdown stems from how solar was reframed in Washington. Democrats increasingly cast solar as a symbol of climate ambition and partisan loyalty, choosing to ignore the industry’s growing dependence on Chinese supply chains. Once solar became culturally owned by one party, polarization was inevitable. Unsurprisingly, Republican support for solar risked being interpreted as endorsing a broader climate agenda opposed by many conservatives.
Another factor is the solar trade associations, whose apparent goal is to maintain access to cheap Chinese panels regardless of the strategic cost. They have cried wolf repeatedly in response to policies addressing Chinese economic warfare and lawbreaking — and demand has never fallen off the cliff as predicted. That consistently pro-China playbook has left Republican policymakers fatigued and deeply distrustful.
Yet the underlying politics is more nuanced. Recent polling shows that Republican voters are not inherently hostile to solar. Support actually rises when projects use American-made technology with no ties to China. The lesson is clear: Republican skepticism is less about the technology itself than about the supply chains behind it.
The debate over Foreign Entity of Concern restrictions illustrates this dynamic. The widely held Republican view is that federal incentives should not subsidize Chinese jobs, particularly when supply chains intersect with national security. This position is not anti-solar. It is anti-dependence.
True to form, the solar deployment lobby resisted those restrictions, pressing for flexibility that Republicans interpret as, once again, protecting Chinese interests. Predictably, their positions reinforced the perception that solar deployment advocates want the benefits of federal subsidies without accepting the strategic constraints necessary to sustain them.
In Washington, credibility matters. Once policymakers conclude an industry doesn’t share their core objectives on national security and industrial resilience, no amount of rhetorical reframing easily restores it.
Instead of engaging those concerns directly, the industry’s response has been to double down on messaging — recruiting MAGA influencers and conservative media personalities to promote solar subsidies to Republican audiences, unconvincingly invoking themes like “energy dominance” and “America First.” But this tactic does little to address concerns and comes across as condescending and contrived.
If the solar deployment industry hopes to rebuild durable bipartisan support, it must stop trying to “convert” folks with rhetorical sleight of hand and instead, confront the issues Republicans consistently raise: supply-chain security, unfair trade practices and domestic manufacturing.
It should take a page from the playbook of America’s solar manufacturers — the genuinely American ones — who have demonstrated their commitment by investing billions in solar manufacturing and supply chains, creating tens of thousands of jobs, and ensuring supply security. Those companies are demonstrating that they’re America First through their actions, not just their words.
Republicans are not inherently opposed to solar. They are opposed to policies that weaken American industry or deepen dependence on adversarial regimes.
Until the solar deployment industry engages those concerns seriously, the bipartisan coalition that once powered solar’s growth will remain in eclipse.
George David Banks is president and CEO of the American Council for Capital Formation. He has served as a senior energy policy adviser to Republicans in the White House and Congress.
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New Report: U.S. Leadership on Solar Radiation Management Is a National Security Imperative
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Fri, 13 Mar 2026 14:37:41 +0000
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U.S. Must Lead on Solar Radiation Management Technology or Risk Strategic Vulnerability to China
Washington, D.C. — A new report from the American Council for Capital Formation (ACCF) Center for Policy Research warns that Solar Radiation Management (SRM) — technologies designed to reflect sunlight and cool the planet — is rapidly emerging as a national security issue that requires immediate U.S. leadership. The report, The National Security Case for U.S. Leadership in SRM Technology, authored by ACCF President and CEO George David Banks, finds that SRM presents both strategic risks and geopolitical consequences if left ungoverned.
“SRM is no longer a fringe scientific idea; it is an emerging strategic domain,” said Banks. “If the United States fails to lead in shaping transparent, science-based governance, others will set the rules in ways that may not align with American interests. Therefore, governance must move ahead of capability to establish democratic norms before the technology matures.”
The report warns that China’s expansive weather modification programs — the largest in the world — combined with its Military-Civil Fusion strategy and other advancements, including in AI, heighten concerns about the future trajectory of SRM technologies.
Chinese civilian climate research, particularly in high-altitude aerosol modeling and atmospheric intervention, could be integrated into military modernization efforts. Under Beijing’s Military-Civil Fusion framework, civilian scientific advancements can be rapidly incorporated into defense applications without clear boundaries.
The report’s topline findings include:
SRM is a dual-use technology with strategic implications. Large-scale atmospheric interventions could alter precipitation patterns, disrupt agriculture, and create geopolitical instability if misused or deployed unilaterally.
China’s expanding capabilities raise competitive concerns. China operates the world’s largest weather modification system and integrates civilian innovation with military strategy through its Military-Civil Fusion model.
Global governance gaps increase instability risks. Existing international frameworks, including the 1977 ENMOD Convention, are outdated and lack modern verification and enforcement mechanisms.
Core U.S. interests are directly implicated, including agricultural stability, Indo-Pacific security, intelligence attribution, technological leadership, and public trust in atmospheric science.
To protect U.S. national security and shape global standards, the report calls for:
A federal SRM oversight framework led by EPA and NOAA to regulate research, monitoring, and permitting activities under transparent national standards.
A G7+ SRM Governance Compact to coordinate allied transparency norms, modeling protocols, and oversight of any field experimentation.
Modernization of international agreements, including updating the ENMOD Convention to explicitly address modern SRM technologies.
Expanded U.S. attribution and monitoring capabilities through NASA, NOAA, and the Department of Energy to distinguish natural climate variability from intentional intervention.
A transparent, federally coordinated SRM research agenda grounded in scientific integrity and public accountability.
“Proactive U.S. leadership can ensure SRM is governed by democratic values and global stability — not authoritarian opportunism,” Banks concluded.
READ THE FULL REPORT: The National Security Case for U.S. Leadership in SRM Technology
The American Council for Capital Formation Center for Policy Research is a nonprofit, nonpartisan economic policy organization dedicated to educating the public about pro-growth policies that encourage saving and investment.
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Partisan energy gridlock is holding the US back from much-needed ‘all of the above’ approach
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Fri, 06 Mar 2026 12:18:23 +0000
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In an era of geopolitical turbulence and technological revolution, the U.S.’s energy and economic securitystands at a crossroads. Energy policy has become increasingly politicized with political purity tests shaping job prospects and interviews: if you support fossil fuels, you’re a Republican; if renewables, you’re a Democrat.
During the Iraq War, this was not the case — as evidenced in the adoption of two bipartisan energy laws that focused on reducing our dependence on foreign energy through alternative fuels and breakthrough technologies.
Of course, the innovation that had the greatest impact on reducing import dependency was fracking; today, the United States is an oil and gas powerhouse. But while we may have achieved significant success in this regard, the nation must once again reach consensus on the importance of developing and deploying as much affordable and reliable energy as possible. Today, it is not simply about energy security and avoiding costly Middle East conflicts. It’s about securing our economic sovereignty and winning a civilizational struggle with Communist China.
The U.S. needs every joule of energy it can muster to rebuild strategic supply chains and its defense industrial base. Projections show electricity demands doubling by 2050, driven by data centers, electrification, and reshoring. Cheap energy abundance is the linchpin of competitiveness — think how it has enabled the Rust Belt’s revival. Scarcity, on the other hand, risks undermining domestic investment and capital formation. We must expand all viable sources: drill and refine responsibly, build renewables where the sun shines and the wind blows, revive nuclear, and innovate in other advanced technologies.
Our vast nation, spanning diverse landscapes from sun-drenched deserts to windswept plains and resource-rich heartlands, demands a pragmatic approach to energy. Rather than politicizing energy solutions, we must align our vast geography with sensible resource use, embrace regional variations, let markets drive innovation without favoritism, and prioritize abundance to fuel our competitive edge.
The U.S.’s sheer size — we’re roughly the size of the European continent — and its diverse resources should serve as a natural blueprint. The sun-soaked Southwest is ideal for solar farms as the technology has become increasingly cost-competitive in regions with available land, while the gusty Great Plains scream for wind turbines. Coastal areas could leverage offshore wind or tidal power, and the shale basins of Texas and North Dakota abound in natural gas and oil.
Forcing mismatched technologies ignores this reality. Imagine mandating wind power where the wind doesn’t blow or mandating drilling for oil where there is none. Sensible policy would map energy deployment to topography, climate, and resources, maximizing efficiency and minimizing waste. By doing so, we reduce transmission losses, lower costs, and enhance resilience against disruptions such as storms or cyberattacks.
States and communities should be empowered to tailor energy mixes that work for them. Texas’s deregulated market, for instance, has spurred innovation in renewables, including solar and wind energy, without heavy-handed intervention. Regional grids already demonstrate how localized decision-making can balance supply and demand. A decentralized approach fosters experimentation and adaptability, turning diversity into strength.
We must also eschew mandates and subsidies that tilt the scales toward favored technologies, allowing market economics to dictate infrastructure. Government picking winners — be it through tax credits for politically correct technologies or bans on certain power plants — distorts competition and entrenches inefficiencies.
Yet we cannot ignore how incumbents often lobby for regulations that stifle newcomers. True market fairness means dismantling political monopolies: streamline the permitting of all sources and ensure transparent pricing. States should not be allowed to block energy infrastructure that carries energy to markets — domestic or international. Let entrepreneurs compete on merits. History shows this works: the shale boom, driven by private innovation, not subsidies, transformed America into an energy exporter and lowered emissions. By neutralizing favoritism, we unleash investment in diverse portfolios that enhance our economic and energy security.
In sum, a geography-guided, market-driven, abundance-oriented energy policy isn’t ideological — it’s practical. Energy policy shouldn’t be a political purity test. Policymakers should reject dogma, embrace competition, and prioritize plenty. Only then can the U.S. power its future, rebuild its supply chains, and achieve economic security.
George David Banks is the President & CEO of the American Council for Capital Formation. He also served as special adviser on international energy and environment to President Donald Trump and is the former chief strategist for Republicans on the House climate committee.
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West Virginia Can Power AI and Industrial Revival
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Wed, 21 Jan 2026 13:09:55 +0000
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For decades, West Virginia powered America’s manufacturing dominance, from forging the steel that won the World Wars to producing the energy that fueled prosperity nationwide. The Mountain State’s rivers ran with molten promise, its hills hummed with the forges that built bridges, ships, and skylines. Today, amid global supply chain concerns and a tech arms race, West Virginia stands poised to reclaim that mantle – rebuilding U.S. manufacturing competitiveness and securing victory in the AI era.
You could feel this resurgence crackling at Governor Patrick Morrisey’s Energy Summit in Charleston last month. The air buzzed with dealmakers and engineers, all eyes locked on the stage where Morrisey unveiled $4.2 billion in private-sector energy and manufacturing investments – enough to create over 4,200 jobs. Highlights included a $1.2 billion natural gas-fired power plant in Harrison County, $1.44 billion to extend coal plants’ lives, and expansions like Ergon’s $400 million upgrade in Newell. This isn’t abstract policy talk; it’s a manufacturing renaissance etched in molten metal, especially in the steels and alloys vital to our defense industrial base.
Take steel, the backbone of America’s arsenal. Nucor’s $4 billion mill in Apple Grove – the state’s largest investment ever – isn’t just a factory: it’s world-class tech on a grand scale, on schedule to churn out 3 million tons of high-quality steel annually using electric arc furnaces and recycled scrap. This behemoth promises 800 direct jobs, many going to former coal hands retrained in automation and sustainability.
Or consider aluminum’s enduring echo in Ravenswood, once a crown jewel of smelting. Now, on that storied site along the Ohio, Precision Castparts’ TIMET is forging a $500 million titanium plant. Producing aerospace-grade metals that shield our skies and seas, it’ll employ 200 precision workers blending miner grit and engineer savvy – all powered by a pioneering 100% renewable solar microgrid. These aren’t outliers; they’re the vanguard of a metals surge, securing supply chains Beijing can’t touch and proving heritage sites can host tomorrow’s tech.
Yet here’s the rub: These manufacturers need massive amounts of affordable, reliable power. Steel and titanium production guzzle more electricity than nearly any industrial process. When energy is cheap, factories expand. When it spikes, they shutter – as West Virginia painfully recalls from the loss of the Hawesville Century Aluminum smelter, betrayed by an energy policy that forgot workers.
Complicating this renaissance? Emerging data centers and AI infrastructure gobbling land and electrons at breakneck speed. Amazon, Google, Microsoft, Meta – they’re racing to build the next AI frontier, with regional hubs in neighboring Virginia already jacking up PJM grid costs for West Virginians by 10-15% this year alone. West Virginia’s own pitches for “high-impact” data centers, via new microgrid tax breaks, risk the same: If policymakers don’t ramp generation fast, manufacturers and tech giants will bid up the same limited juice, pricing out workers and innovation alike.
That’s why Morrisey’s bold and ambitious “50 by 50” energy plan is a game-changer: Triple West Virginia’s generation from 16 gigawatts today to 50 by 2050, blending coal, natural gas, nuclear, and renewables to fuel both factories and servers without compromise. Unveiled in September, it embraces the state’s 2022 nuclear ban lift, opening doors for small modular reactors (SMRs) to deliver clean, 24/7 baseload straight to plants like Nucor’s – partnerships already inked because winners know stable power is competitive edge.
The Governor knows his history: The state once employed 100,000 manufacturing workers, crafting steel, aluminum, chemicals, and glass that built modern America. Global rivals and shortsighted policies eroded that base, but the Mountain spirit endured, awaiting the right spark.
Those conditions are here. The $4.2 billion influx, the “50 by 50” blueprint, and a national pivot to industrial resilience signal one truth: West Virginia is leading America’s energy future – not choosing between legacy grit and AI gleam but forging both into an unbreakable alloy. Policymakers in Washington should follow Morrisey’s model: an inclusive energy strategy, grid upgrades, and targeted investments in the defense industrial base. They should also help the Mountain State lead, as the path to energy dominance runs through these mountains.
George David Banks is President and CEO of the American Council for Capital Formation
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Better Emissions Data is Smart Industrial Strategy
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Mon, 12 Jan 2026 13:00:51 +0000
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Better Emissions Data is Smart Industrial Strategy
By George David Banks
The Trump administration has rightly scrutinized federal regulations that have drifted beyond their statutory limits. Reining in overreach and reducing excessive compliance costs are long overdue—especially for U.S. manufacturers and energy producers competing against far less regulated foreign rivals. The core concern raised by the Administration is legitimate: a greenhouse gas (GHG) data program not clearly directed by Congress can be used for regulatory purposes by a future administration.
Against that backdrop, EPA’s proposal to eliminate the Greenhouse Gas Reporting Program (GHGRP) prompted an unusually broad response. More than 53,000 public comments reflected a shared note of caution: eliminating a national emissions data program could create economic and strategic risks for U.S. companies.
The program’s termination creates tax credit uncertainty and investment risk. Federal tax credits—particularly for carbon capture and hydrogen, which were extended in the reconciliation package—depend on credible monitoring, reporting, and verification. Emissions data underpins eligibility for projects representing billions of dollars in private investment. When data frameworks are weakened, capital pulls back, and projects stall.
American producers could suffer from reduced access to export markets. Global markets increasingly require proof of how products are made. A growing number of countries require documenting emissions performance under border adjustment regimes, methane rules, clean procurement standards, and private supply-chain requirements. Without credible, nationally recognized data, U.S. producers risk losing market access even when they are objectively cleaner than their foreign competitors.
Ironically, regulatory fragmentation and higher compliance costs could result. In the absence of a national system, states will move in different directions, foreign governments will impose their own methodologies, and private certifiers will proliferate. Companies would face overlapping, inconsistent, and often more expensive reporting obligations—without the benefit of a single, trusted federal standard.
U.S. industry has long supported emissions data collection not because it seeks more regulation, but because credible data confers a competitive advantage. For more than a decade, American manufacturers, energy producers, and industrial companies have used emissions data to demonstrate something often lost in political debate—that U.S. production is cleaner and more efficient than others.
That reality is increasingly reflected on Capitol Hill. While the parties often clash over climate policy, there is notable agreement on the importance of credible industrial emissions data. In a bipartisan letter to the Administration, Senators Kevin Cramer and Sheldon Whitehouse warned that eliminating the program would undermine American competitiveness and increase costs. The same logic underpinned the PROVE IT Act, which directed the Department of Energy to study both domestic and foreign pollution intensity across key industrial sectors.
Measuring emissions intensity is not a partisan exercise, but a practical prerequisite for effective industrial and trade strategy. Lawmakers across the aisle recognize that sound data is essential to benchmarking U.S. performance, informing trade policy, and defending American producers against dirtier foreign competitors.
U.S. industry does not fear transparency because it outperforms. American producers already operate under some of the strongest environmental standards in the world. It is in the national interest to monetize that advantage, not bury it. If the country is competing with foreign producers, the goal should not be to pretend standards do not matter—but to prove that ours are better and to use that proof to win markets and shape trade rules.
Policymakers should be clear-eyed about the path forward. A GHG data program that is not clearly directed by Congress does carry risks. But walking away from emissions data altogether would weaken our competitiveness, not strengthen it. What America needs is a durable, congressionally directed framework for industrial emissions data—one that aligns with today’s trade, tax, and investment realities, keeps Congress in control, prevents regulatory overreach, and uses data to advantage American producers in global competition.
That is not climate ideology. That is smart industrial strategy
George David Banks is President & CEO of the American Council for Capital Formation. He served as President Trump’s international energy adviser in his first term.
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Trump 2.0: the “Donroe Doctrine” Against Chinese Encroachment
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Sat, 03 Jan 2026 19:54:05 +0000
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In the bold capture of Venezuelan President Nicolás Maduro, President Donald Trump hailed the operation as a phase of the “Donroe Doctrine,” a modern extension of the 1823 Monroe Doctrine that warned foreign powers against meddling in the Western Hemisphere. Today, the primary threat is not European colonialism but China’s relentless expansionism in Latin America. By neutralizing Maduro, Trump has disrupted Beijing’s strategic foothold, protected vital U.S. interests, and prevented Venezuela from becoming a launchpad for Chinese influence across the region.
China’s investment in Venezuela has been staggering and strategic. Beijing extended over $60 billion in loans since 2007—much of it in oil-for-loans deals that sustained Maduro while locking in energy access, with estimates of around $19 billion still outstanding. Venezuela holds the world’s largest proven oil reserves at 303 billion barrels. In November 2025, exports reached 921,000 barrels per day, with China importing over 80% – accounting for about 4% of its total crude needs. This was not altruism; it was a deliberate effort to control a resource-rich nation on the southern edge of the Caribbean.
Geopolitically, the dangers of Chinese dominance were acute. Venezuela’s location places it perilously close to the Panama Canal, a linchpin of global trade and U.S. naval mobility. More alarmingly, a fully beholden Maduro regime could have served as a conduit for Beijing to expand its sphere of influence far beyond Venezuela’s borders. Through the remnants of Petrocaribe—the Chavez-era program that once supplied subsidized oil to 17 Caribbean and Central American countries, including Cuba, Jamaica, Haiti, the Dominican Republic, and Nicaragua—China could have backed similar mechanisms. At its peak, Petrocaribe delivered fuel on highly concessional terms: up to 50% of payments deferred for 25 years at 1-2% interest, fostering economic dependency and diplomatic loyalty. A Chinese-controlled Venezuela could have leveraged the country’s massive crude reserves and weaponized energy subsidies via debt-trap diplomacy, pulling vulnerable nations into its orbit and undermining U.S. alliances in America’s backyard. Reports of Chinese military hardware sales and potential basing discussions only heightened the risk of permanent footholds.
Trump’s action directly counters this. By capturing Maduro and signaling U.S. commitment to Venezuela’s oil sector reconstruction, the administration has dealt a severe blow to China’s ambitions. Russia and Iran, Maduro’s other patrons, have been similarly sidelined. This is not imperialism but principled realism: invoking the spirit of the Monroe Doctrine to exclude adversarial powers while promoting regional democracy.
Detractors frame the capture as “regime change” driven by oil greed, but this narrative crumbles under scrutiny. America imported virtually no crude oil from Venezuela for much of the period leading up to the 2026 intervention. Moreover, sanctions imposed during Trump’s first term slashed imports to near zero by 2020, demonstrating that access to Venezuelan oil was not an administration priority or necessity. With America achieving energy independence and becoming the world’s top oil producer through domestic shale production, the intervention was driven primarily by geopolitical strategy to counter Chinese influence.
Success, however, hinges on swift stabilization. Venezuela’s economy remains shattered—hyperinflation, mass emigration, and crumbling infrastructure persist. The interim government must prioritize free elections, anti-corruption measures, and U.S. investment to restart oil production responsibly. Failure to deliver rapid progress could breed chaos, resentment, and insurgency, turning triumph into quagmire. A prolonged crisis might embolden critics, erode U.S. credibility, and invite renewed Chinese meddling, damaging American influence for decades.
Thankfully, Trump’s team has learned from the mistakes of failed U.S. foreign adventurism and plans to take a methodical approach based in realism. In the end, the President’s Venezuela policy should be viewed as a strategic masterstroke. With effective U.S. leadership, the intervention should help safeguard the hemisphere from Chinese encroachment and reaffirm that America will not tolerate hostile powers exploiting weakness in its neighborhood. As reckless socialism is replaced with market-based economics and oil production ramps up under stable governance, the country’s economy should prosper. History will remember this not as overreach, but as decisive leadership in defense of freedom and security.
George David Banks is President & CEO of the American Council for Capital Formation. He served as President Trump’s international energy adviser in his first term.
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