Dianne Feinstein on the Climate Security Act ad Emission Allowance Market Transparency Act
Following is a copy of an email I just recieved from Senator Dianne Feinstein –
Dear Mr. Schueneman:
Thank you for writing to me to share your support for the "Climate Security Act of 2007." I appreciate hearing from you and welcome this opportunity to respond.
On October 18, 2007, Senators Joseph Lieberman (ID-CT) and John Warner (R-VA) introduced the "Climate Security Act of 2007" (S. 2191), which caps greenhouse gas emissions from the electric generation, industrial, and transportation sectors, and establishes an allowance trading program to maximize opportunities for cost-effective reductions. This legislation also creates a Carbon Market Efficiency Board to monitor the allowance market. The Senate Committee on Environment and Public Works approved S. 2191 on December 5, 2007.
I am pleased that Congress is now poised to act on landmark climate change legislation which will not only significantly reduce our nation's carbon footprint, but will also generate tremendous economic opportunity. While some have expressed concern that this bill does not go far enough, I believe that this bipartisan bill is an important first step toward reducing greenhouse gas emissions and combating global warming.
It may also interest you to know that on December 6, 2007, I introduced the "Emission Allowance Market Transparency Act," which establishes federal oversight for new carbon emissions trading markets. This legislation is designed to prevent fraud and manipulation in the greenhouse gas credit markets that are expected to develop once Congress approves comprehensive climate change legislation with a cap-and-trade system for the trading of emissions credits. Specifically, the "Emission Allowance Market Transparency Act" requires the Environmental Protection Agency to create a regulatory structure to oversee the new carbon credit markets.
Please know that I share your support for strong legislation to reduce global warming pollution and will be sure to keep your thoughts in mind should S. 2191 come before the full Senate.
Again, thank you for writing. I hope you will continue to keep in touch on matters of importance to you. Best regards.
United States Senator
More on Senator Feinsten’s position on global warming and pending legislation