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This week in Congress: Republican energy amendment rejected
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One proposal that has been on the docket as of late is an amendment to HR 2454 The American Clean Energy and Security Act. This act deals with some general energy control issues. Emissions controls in the form of limiting cap and trade systems is one of its measures. Cap and trade systems allow certain parties the ability to release emissions to a certain point. If they want to release emissions beyond that point it is established that they be allowed to “trade” or “buy” emissions credits from other parties whom haven’t used up there credits. This allows some control over emissions and economic incentives to industries that do not use there emissions, but also allows producers to exceed their emissions amount if they desire to pay for it.
The proposed amendment would have limited the transfer of certain carbon credit derivatives. Michael C. Burgess, a Republican from Texas’ 26 District (representing the Lewisville/Forth Worth area) proposed the amendment. In a statement taken off of his website he explained that the amendment would have “stop[ed] the invention of carbon credit derivatives before it even starts by prohibiting the transfer or receipt of these instruments. We cannot afford to set up this system without adequate protections in place to ensure the same manipulations do not occur”
The amendment was rejected.
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