Shares of uranium companies, including Cameco Corporation (NYSE:CCJ), are trading higher after President Biden signed the ADVANCE Act on Tuesday to support nuclear power.

What To Know: The ADVANCE Act is a bipartisan bill aimed at bolstering the nuclear power sector. It speeds up the licensing process for new nuclear reactors, reduces associated fees and mandates the Nuclear Regulatory Commission to explore ways to simplify and shorten environmental reviews.

Supporters, including Sen. Tom Carper (D-Del.) and Sen. Shelley Moore Capito (R-W.Va.), praised the bill for enhancing energy and national security, lowering greenhouse gas emissions, and creating jobs. Carper called it a significant step for the climate and America’s clean energy future.

What Else: However, the bill faced criticism. Rep. Rashida Tlaib (D-Mich.) raised concerns about nuclear safety and waste management. Critics also worried about a provision that might prevent the Nuclear Regulatory Commission from “unnecessarily” limiting nuclear power.

CCJ Price Action: Cameco shares were up by 8.7% at $53.26 according to Benzinga Pro.

Photo by frederic-paulussen- for Unsplash.

Cameco Shares Surge As Biden Signs ADVANCE Act To Boost Nuclear Power