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Namrata Sen

Elizabeth Warren, Chuck Schumer Grill ConocoPhillips, Big Oil For Massive Tax Break In Trump Budget Law: 'It's An Insult To Working People'

Elizabeth Warren Chuck Schumer ConocoPhillips COP Mass Oil Donald Trump Ovintiv
New,York,-,September,16,,2019:,Democratic,Presidential,Candidate,Elizabeth

Democratic lawmakers, led by Sen. Elizabeth Warren (D-Mass.), are scrutinizing the lobbying efforts of two energy companies aimed at securing a $1.1 billion tax loophole in the reconciliation mega-bill.

What Happened: On Thursday, Warren, along with Senators Sheldon Whitehouse, Ron Wyden, and Senate minority leader Chuck Schumer (D-N.Y.), sent letters to ConocoPhillips (NYSE:COP) and Ovintiv seeking clarification on their role in the proposed tax change, reported The Guardian. The letter, addressed to ConocoPhillips CEO Ryan Lance and Ovintiv CEO Brendan McCracken, questions the amount spent on lobbying and potential tax reductions if the provision is finalized.

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