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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.