3.0.0 2877 2023-01-11T13:16:50Z 2023-01-11T13:16:50Z Senate S S 2009-12-11 111 ssfi00 Finance Committee Senate Standing Referred to 2009-12-11T20:41:18Z 2009-12-11 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2009-12-11 Sponsor introductory remarks on measure. (CR S13036) IntroReferral B00100 9 Library of Congress 2009-12-11 Introduced in Senate IntroReferral 10000 9 Library of Congress C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA N C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2009-12-11 True Environmental Protection Alternative and renewable resources Climate change and greenhouse gases Congressional oversight Consumer affairs Employment and training programs Energy assistance for the poor and aged Energy efficiency and conservation Energy prices Energy research Environmental assessment, monitoring, research Environmental technology Government trust funds Income tax credits International law and treaties Land use and conservation Legislative rules and procedure Marine pollution Motor vehicles Oil and gas Public utilities and utility rates Research and development Small business Environmental Protection 00 2009-12-11 Introduced in Senate 2010-03-31T17:54:56Z Carbon Limits and Energy for America's Renewal (CLEAR) Act - Requires the President to reduce greenhouse gas (GHG) emissions relative to 2005 levels by 20% by 2020, 30% by 2025, 42% by 2030, and 83% by 2050 through this Act.

Requires the Secretary of the Treasury to establish a program to reduce the emission of GHGs by: (1) placing a gradually declining limitation on the quantity of fossil carbon (carbon) permitted to be sold; and (2) requiring each first seller to surrender periodically to the Secretary a number of carbon shares equal to the quantity of covered carbon it produces or imports or be subject to a penalty. Defines a "first seller" as an entity in the business of producing or importing fossil carbon or production process carbon.

Requires the President to establish a maximum aggregate quantity of carbon, and a corresponding number of carbon shares, permitted to be introduced into commerce for 2012. Requires that number of shares: (1) for 2012, 2013, and 2014 to be equal to the approximate level of carbon likely to be required by the economy during 2012; and (2) for each subsequent year to be reduced from the quantity of the previous year by 0.25%.

Sets forth provisions concerning auctioning, purchasing, and selling shares. Restricts participation in such auctions to first sellers. Prohibits first sellers from directly or indirectly creating, purchasing, selling, or trading carbon share derivatives.

Requires the Secretary to: (1) impose fees for the production process of carbon associated with commodities imported for sale; and (2) transfer collected fees and penalties to the Clean Energy Reinvestment Trust Fund established by this Act; and (3) distribute amounts from such Fund to individuals and entities that are unable to compete due to unfair market prices arising from disparate carbon limits or fees among countries.

Requires the Secretary to: (1) promulgate regulations for the establishment, operation, and oversight of markets for carbon share derivatives; (2) provide carbon shares in excess of the aggregate quantity for carbon that is sequestered, injected, or embedded; (3) reduce the aggregate quantity of carbon shares for reductions of carbon emissions attributable solely to voluntary carbon reduction purchases; (4) establish a program that enables individuals to borrow against any future energy security dividends in order to make investments in energy efficiency or clean energy technologies and services; and (5) establish an Office of Consumer Advocacy for energy consumers.

Establishes the Carbon Refund Trust Fund to be funded from auction proceeds and to distribute tax-free energy security dividends to U.S. residents.

]]> Carbon Limits and Energy for America's Renewal (CLEAR) Act Display Title Carbon Limits and Energy for America's Renewal (CLEAR) Act Official Title as Introduced A bill to direct the Secretary of the Treasury to establish a program to regulate the entry of fossil carbon into commerce in the United States to promote clean energy jobs and economic growth and avoid dangerous interference with the climate of the Earth, and for other purposes. Introduced in Senate IS Short Titles as Introduced Carbon Limits and Energy for America's Renewal (CLEAR) Act Introduced in Senate 2009-12-11T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s2877is/xml/BILLS-111s2877is.xml 2009-12-11 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.