Here’s CEI’s initial reaction to the Waxman/Markey Global Warming and Energy Poverty Bill. My comments relate specifically to the section on “ensuring domestic competitiveness” in Title IV:
The bill as drafted clears the way for carbon protectionism. It envisages “rebates” to companies that have to pay higher costs than their international competitors, which amounts to illegal state aid under WTO rules. Further, it directs the President to institute what is laughably called a ‘border adjustment’ program requiring foreign companies to pay for the cost of carbon. This is nothing more than a tariff aimed at eliminating the competitive advantage of other nations. Taken together, these provisions represent the first shot in what is likely to prove a disastrous carbon trade war.
You will find the Bill and Executive Summary here very soon (I am promised). You might be particularly intrigued by the section relating to manufactured homes. Yes, the people’s representative from Beverly Hills is going to ensure that all people owning old double-wides are going to be given money to buy . . . energy-efficient double-wides. To eat their cake in, I presume.