Economy

Ex-Trump adviser Carl Icahn subpoenaed over biofuel policy

Ex-Trump adviser Carl Icahn subpoenaed over biofuel policy”

(IEP.O) for information on its activities around the U.S. Renewable Fuel Standard, Icahn Enterprises said in an SEC filing on November 3.

Icahn is the majority owner of independent oil refiner CVR Energy Inc. and changes in energy polices could benefit him personally - as well as the investors of his company, Icahn Enterprises.

The filing said Icahn Enterprises was cooperating with the prosecutors' demand for information.

Icahn had been strongly criticized by Democrats, who said his advisory role created a conflict of interest because he took a formal government job while still running his business.

While offering no other information about the subpoena, the disclosure by Icahn Enterprises said it did not believe the inquiry would have a material impact on the business, its financial condition, operations results, or cash flow.

A spokeswoman for Acting U.S. Attorney Joon Kim in Manhattan declined to comment.

The Environmental Protection Agency, the USA bureau that overseas the Renewable Fuel Standard, last month said it would not pursue several changes to the program that would ease financial burdens for CVR Energy and other small refiners. Icahn's attorney did not respond to requests for comment. It was introduced by former President George W. Bush more than a decade ago as a way to reduce US energy imports, help USA farmers, and slash greenhouse gas emissions.

Federal prosecutors are looking into the role played by Carl C. Icahn, the billionaire investor, in advising the Trump administration on regulatory issues that had the potential to affect the finances of a company he owns.

After an uproar over the proposal, Icahn resigned his post as adviser in August.

"Contrary to the insinuations of a handful of your Democratic critics", Icahn wrote in his resignation letter, "I never had access to nonpublic information or profited from my position, nor do I believe that my role presented conflicts of interest".

The EPA has said it does not now believe shifting the blending responsibility off refiners is appropriate. CVR has been hurt by the Renewable Fuel Standard, which requires oil refiners to either blend their oil with renewable fuels or buy credits. "I don't talk to Donald that often", Icahn said.



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