American Clean Energy and Security Act of 2009 – TheTradersWire

American Clean Energy and Security Act of 2009

 

American Clean Energy and Security Act of 2009

DEFINITION of ‘American Clean Energy and Security Act of 2009’

The American Clean Energy and Security Act was piece of legislation created in an attempt to establish an economy-wide climate and energy policy to help address the issue of climate change. The U.S House of Representatives passed the act, but it was never brought to the Senate floor to be voted on and therefore never became law.

BREAKING DOWN ‘American Clean Energy and Security Act of 2009’

The American Clean Energy and Security Act of 2009 is also known as the Waxman-Markey bill after committee chairman Henry Waxman and Rep. Edward Markey. The legislation aimed to create a greenhouse gas cap and trade system along with various other measures to help the U.S move toward a clean energy economy. After six months of work on the bill, it was brought to the House of Representatives, where it passed on June 26, 2009 by a vote of 219 to 212. However, by the time it reached the Senate, other issues, including health care reform, had come into play, making it harder to bring the energy bill to the floor.

Supporters and Detractors of the American Clean Energy and Security Act

As would be expected, most environmental organizations (e.g. Audobon Society, National Wildlife Federation, Sierra Club) were in strong support of the bill since it was designed to limit greenhouse gas emissions and protect the environment. But many corporations also wrote letters of support, including Pacific Gas and Electric, Dow Chemical and General Electric. Although the bill was created by two Democrats, it was also supported by Republicans for Environmental Protection, which issued the following statement after the bill passed in the House: “House passage today of the American Clean Energy and Security Act is a step in the right direction in the fight against dangerous climate change and for developing cleaner, more secure energy resources.”

There were, however, other groups that did not support the bill, including some environmental groups who felt the bill didn’t offer enough protection for the climate or natural resources. They pointed to companies like Shell Oil and Duke Energy supporting the bill as evidence that it was too weak to do any good. Others who opposed the bill argued that the costs would not outweigh the benefits.

Despite it not passing, those who worked on the bill still felt it opened the floor to future discussions about climate change and how to protect the environment. According to Henry Waxman, “It was a disappointment that we couldn’t get a bill all the way through, but we highlighted the issue…We gave it our best effort.”

Published at Fri, 06 Apr 2018 17:01:00 +0000

About the author

TheWire

Online resource for daily updates and information relating to investing stocks, bonds, forex, real estate and much more.