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White House prepares bailout of coal and nuclear plants

Coal power plants in the distance
Photo: Florian Gaertner/Photothek via Getty Images

President Trump has asked Energy Secretary Rick Perry "to prepare immediate steps to stop the loss" of energy sources, caused by the closing of coal and nuclear plants, according to a White House statement.

Why it matters: This White House statement indicates the administration is likely to soon take the steps outlined in a memo obtained by Bloomberg toward aiding economically struggling coal-fired and nuclear power plants. Until now, this was more a proposal than an endorsed policy. (Go deeper: Trump's coal and nuclear bailout.)