Hoeven Statement After Meeting With President Trump

Senator Raises Importance of Ag Assistance, Addressing Challenges Facing Ranchers & Support for Energy Producers, Including Finalizing 45Q Rules

WASHINGTON – Senator John Hoeven today issued the following statement after President Trump joined the Republican senators’ meeting today to discuss efforts to combat the coronavirus disease 2019 (COVID-19) pandemic and safely re-open the economy. Hoeven thanked the President for the Administration’s work to support state and local efforts to stop the virus and outlined the importance of continuing to assist the nation’s agriculture and energy producers. 

Hoeven raised the following agriculture and energy issues with the President.

  • Continuing to support the nation’s farmers and ranchers, and specifically addressing issues in the cattle industry including better access to markets and better pricing. The President indicated that USDA and the Attorney General are looking into issues in cattle industry.
  • The importance of implementing the 45Q tax credit, which would help make carbon capture, utilization and storage (CCUS) projects more commercially-viable. The Administration indicated to Hoeven that they are working to get the proposed rule out soon.

“We appreciate the President and the Administration for working to support North Dakota’s efforts to beat the coronavirus and safely reopen our economy,” said Hoeven. “As we work to overcome the health and economic challenges of this pandemic, we made the case for continued assistance for our agriculture and our energy producers. I outlined some of the challenges they face, specifically the need to support our ranchers and to ensure that they are treated fairly. I also raised the importance of implementing the 45Q tax credit, which is an important tool for our energy producers. We look forward to continuing to work with the Administration to provide the necessary support for these essential industries as we work to safely reopen our economy.” 

Support for Cattle Ranchers

Hoeven has been working to support the nation’s cattle ranchers, including:

  • Making the case for the Department of Justice, including joining Senator Deb Fischer in pressing Attorney General William Barr, to evaluate concentration in the packing industry and determine how to help cattle ranchers get better pricing and transparency.
  • Pressing USDA Secretary Sonny Perdue to find ways to improve both pricing and transparency within the cattle industry.
  • Working with Agriculture Secretary Sonny Perdue, administration officials and farm state senators, including Senate Agriculture Committee Chairman Pat Roberts, John Boozman and Thom Tillis, to ensure food processing plants are able to safely operate, which is vital to maintaining the nation’s food supply and ensuring producers are able to market their products.
  • Securing nearly $25 billion, including $9.5 billion in emergency funding specifically for ranchers and specialty producers, to support producers in the CARES Act. 
  • Cosponsoring the PRIME Act, legislation expanding ranchers’ ability to provide more locally-produced meat to consumers.

Implementing 45Q Tax Credit

Hoeven previously supported legislation to reform and expand the 45Q tax credit, which will help make CCUS projects more commercially-viable. Following this, the senator: 

  • Worked with the Administration to advance the first two pieces of key guidance on the implementation of the 45Q tax credit. 
  • Continues urging the Administration to issue the third and final piece of the 45Q rules as soon as possible, including with Treasury Secretary Steven Mnuchin and Energy Secretary Dan Brouillette. 
  • Is pressing to ensure the tax credit works for both long-term storage and enhanced oil and gas recovery, similar to his CO2 Regulatory Certainty Act.