Stop a $54 B Bailout of Nuclear Utilities

Stop a $54 Billion Taxpayer Bailout of Rich Nuclear Utilities--Sign Below

The nuclear power industry is composed of giant, often multinational corporations like General Electric, Electricite de France, Westinghouse, Exelon, Duke Energy, Progress Energy, Areva and more. Despite their wealth, they want taxpayer money to build a new generation of radioactive nuclear reactors. Why? Because nuclear power is so expensive and so risky that even these well-off companies can't borrow construction money from private investors.

In 2007, Congress approved $18.5 Billion in taxpayer "loan guarantees" for new reactor construction. In February 2010, President Obama approved the first "guarantee" under this program: for $8.3 Billion to build two new reactors in Georgia.

But these aren't just "loan guarantees." The money is coming directly from taxpayers, through a little-known government agency called the Federal Financing Bank. Under this new kind of nuclear socialism, taxpayers would pay to build nuclear reactors. If the project succeeds, the nuclear companies will receive all the profits. If the project fails, taxpayers will pay the costs. And the Congressional Budget Office has predicted that 50% or more of these projects will fail.

President Obama has now proposed nearly tripling the "loan guarantee" program to $54 Billion! But Congress has to approve this proposal. Don't let him get away with it.

Act fast: Please sign the petition and ask your friends and family to sign too. We will present the petition and signatures to Congress before any vote on this issue.

We are also encouraging signatures on paper (we'll add all signatures received to the list). You can download a .pdf of this petition here. Post it a local co-op, cafe, or other gathering place. Bring it to your next meeting, conference, etc. Have a small gathering at your home. Let's get to 10,000 signatures!

Dear Members of Congress:

Please act to prevent a taxpayer bailout of the already-wealthy nuclear power industry. Specifically, please reject President Obama's proposal to triple the "loan guarantee" program for construction of new nuclear reactors to $54 Billion.

Nuclear reactors remain dangerous, dirty, and uneconomic. Many reactors are leaking carcinogenic tritium and other toxic elements into our water and air. Radioactive waste remains a lethal problem without a solution. Spending taxpayer dollars on nuclear power diverts our limited resources away from energy technologies like wind, solar, and energy efficiency that can provide real energy independence and national security, and can address our climate crisis faster, safer, cheaper and cleaner than can nuclear power.

[SIGN HERE]