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The Rest of Waxman–Markey: Caveat Emptor!

By <a class="post-author" href="/about#robertmichaels">Robert Michaels</a> -- October 26, 2009

On June 26, 2009, the U.S. House of Representatives passed the Waxman-Markey climate bill, known also as the cap-and-trade bill. This is unfortunate because cap-and-trade takes up no more than 30 percent of its pages. The rest of the telephone-book-sized HR 2454 detailed new regulations, wealth transfers and taxes whose aggregate adverse impacts may well surpass those of cap-and-trade.

Here is a quick list of some important provisions of the American Clean Energy and Security Act of 2009, nicknamed the Enron Revitalization Act of 2009 here at MasterResource.

Still more encouragement for renewable resources that cannot pass market tests. A national “renewable portfolio standard” will require that 20 percent of the nation’s electricity in 2020 (relative to 2.8 percent today) come from sources the law defines as “renewable” or (to a limited degree) improvements in efficiency.