Joe Manchin collects $500,000 a year from coal stocks dividends
Democratic Sen. Joe Manchin of West Virginia, who has in his own words "never been in a liberal in any way shape or form," is currently holding up the $3.5 trillion reconciliation bill that central to President Joe Biden's "Build Back Better" domestic agenda.
But he's also likely to hold back any further action to combat the climate crisis, which could impact his million-dollar investments in the coal and energy industries.
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As The Guardian reported in partnership with the Center for Media and Democracy in July, Manchin himself founded a private coal brokerage in 1998 called "Enersystems." Though currently run by his son, Manchin still owns as much as a $5 million stake in the company, raking in $500,000 of income from it in 2020 alone. As of late 2019, Manchin was by far the most invested of any senator in "dirty energy."
Manchin serves as chair of the Senate Energy and Natural Resources Committee, which oversees the coal industry as well as "global climate change." As Sludge reported in early July, Manchin told the 2021 annual conference of the Edison Electric Institute in June that "coal-fired plants are being unfairly targeted by environmentalists."
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