[Congressional Record Volume 160, Number 81 (Wednesday, May 28, 2014)]
[Extensions of Remarks]
[Page E848]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          INTRODUCING THE ``MANAGED CARBON PRICE ACT OF 2014''

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                           HON. JIM McDERMOTT

                             of washington

                    in the house of representatives

                        Wednesday, May 28, 2014

  Mr. McDERMOTT. Mr. Speaker, I rise today to re-introduce legislation 
to establish a carbon tax on fossil fuels. Earlier this month, the 
Third U.S. National Climate Assessment, the most comprehensive and 
authoritative scientific report ever generated about climate change in 
the United States, was released, offering just the latest in dire 
warnings of the impact climate change is already inflicting on our 
planet. This is not an abstract notion for future generations to cope 
with and address; it is happening now and will only get worse with 
inaction.
   I am re-introducing this legislation to continue the serious 
discussion on climate change that has long been overdue. With extreme 
weather events becoming more common, every corner of the United States 
is already grappling with the effects of climate change. As the problem 
grows more urgent, businesses and even the U.S. military are 
recognizing the very real costs associated with doing nothing. 
President Obama's Climate Action Plan underscores the need to address 
this issue, and with the U.S. Environmental Protection Agency releasing 
its climate rule for existing power plants next week, I am pleased to 
see the discussion turning into action.
   My legislation, the Managed Carbon Price Act of 2014, places a price 
on carbon emissions that would increase over time, which would in turn 
create a market incentive to reduce emissions. The proceeds from this 
legislation go into a newly-created Energy and Economic Security Trust 
Fund where 100 percent of the revenue goes back to the public to offset 
any price increases. This bill is good for the environment and good for 
business. The legislation recognizes and incentivizes the market for 
green technologies and innovation and levels the playing field for 
companies already investing in sustainable business practices. By 
putting a price on carbon we are setting the stage to export these 
technologies worldwide.
   We owe it to ourselves and to our children to do more than just 
watch idly as droughts, floods, sea ice melt, ocean acidification, 
rising sea levels and other effects of climate change continue to take 
their toll. This legislation is a small step toward meeting this 
commitment. I urge my colleagues to support this legislation.

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