[Congressional Record (Bound Edition), Volume 155 (2009), Part 12]
[House]
[Page 16493]
[From the U.S. Government Publishing Office, www.gpo.gov]




                 VOTE NO ON CURRENT CAP-AND-TRADE BILL

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Madam Speaker, unlike his predecessor, President Obama 
recognizes that greenhouse gasses and climate change are a real problem 
and must be dealt with, and in the tradition of the hugely successful 
Clean Water Act and Clean Air Act, he has ordered his Environmental 
Protection Agency to develop rules to cap and reduce greenhouse gasses.
  This bill today actually prohibits the EPA from continuing to develop 
rules to regulate greenhouse gasses in the tradition of the Clean Water 
Act and the Clean Air Act. Instead, it turns to a market-based 
approach. Instead of a firm cap, regulating and reducing, this bill 
turns us to carbon offset derivative futures that will be insured by 
credit default swaps.
  How quickly they forget Wall Street and AIG and the damage they 
wrought in the financial sector. This, Wall Street predicts, is the new 
$1 trillion market. The market manipulators of Enron Corporation may 
have bankrupted their company, Ken Lay may be gone, but their spirit is 
fully embodied in this legislation.

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