The US House Committee on Energy and Commerce has released the official “Report” on its energy and climate legislation, the “American Clean Energy and Security Act of 2009.” This 700-plus page report is the only integrated final version of the complete text of the legislation, also referred to as the “Waxman/Markey Bill,” with all amendments. It was approved by the Committee on May 21, 2009, by a roll call vote of 33-25. The Report also contains a detailed discussion of the bill’s need and purpose, along with an explanation of its extensive provisions.
According to the Report, the “purpose of the legislation is to create clean energy jobs, achieve energy independence, reduce global warming pollution and transition to a clean energy economy.” Its regulatory requirements and cap-and-trade system, which is described as market-based, will likely touch nearly every aspect of the US economy, with the potential for both positive and negative impacts upon the whole spectrum of business, industry and consumers.
The Congressional Budget Office estimates in the Report that, between 2010 and 2019, the bill would increase federal revenue by about $846 billion and increase direct spending by $821 billion.
Further discussion of the key highlights of H.R. 2454 as ordered reported by the Committee on May 21, and described above, can be found in our May 29, 2009, Client Alert “US House Energy and Commerce Committee Adopts Comprehensive Energy and Climate Bill.”
The next steps are for up to eight other House Committees to consider H.R. 2454 and potentially to offer additional comments and changes before the bill is scheduled to be debated in the full House later in June or in early July.
The final Committee bill is being held by the House Clerk’s office until all Committees either report amendments or decline to do so. The Report (dated June 5, 2009, and officially referred to as
H. Rept. 111-137, Part I) can be accessed online through the following link:
For more information about H.R. 2454 or any other matter raised in this Client Alert, please contact at +1 202 263 3301 or at +1 202 263 3343.
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