lives, infrastructure and property have grown in scope and costs and it is critical that we continue to make progress in furthering our understanding of the science behind hurricanes. it will help vulnerable communities in my district in florida and elsewhere in the united states prepare for and reduce the impacts from hurricanes. i ask for the portion of the allowance value in h.r. 2454 be directed toward research on hurricanes at a new $50 million national hurricane research center in my district in orlando. the national hurricane research center in orlando will be a worldwide center of expertise in the 21st sent century of meteorology. it will develop short range and long range forecasting and mitigate damage, disseminate to to the public, real-time information to the public. advise policy makers and the

public and expand knowledge on what can and should be done to understand the impact, frequency and property consequences of hurricanes. mr. waxman: i share the gentleman's concern about the need for research and hurricane intensity and frequency and effects. the harms from hurricanes are going to increase with global warming and we need to better understand the connections and impacts. h.r. 2454 includes domestic adaptation provisions giving states substantial resources to study and adapt to climate change. based on our estimate, the bill will provide up to $1 billion for a year through 2021. from 2022 through 2026, the amount will be over $2 billion annually. research is listed as an thorsed use of these -- authorized use of these revenues. they would be eblegibble to

receive funding under these provisions. i yield the gentleman an additional minute. . mr. waxman: i yield an additional 30 seconds. the speaker pro tempore: the gentleman is recognized. mr. grayson: i hope we'll be able to work together as this moves forward to ensure that hurricane research receives full funding. i yield back. mr. waxman: the gentleman has discussed this project with me, i think it's a worthwhile project, i look forward to working on it and making ate priority as the legislative process moves along. mr. grayson: i thank the gentleman for his efforts to ensure that hurricane research efforts are fully supported. the speaker pro tempore: the gentleman's time has expired. the gentleman from texas. mr. barton: could i inquire the

time we have left on each side. the speaker pro tempore: the gentleman from texas has 30 3/4 remaining, the gentleman from california has 28 1/2. mr. barton: i want to congratulate the chairman on getting a another vote from mr. grayson, at the cost of 3,100 jobs in mr. grayson's district. i yield to the gentleman from kentucky. the speaker pro tempore: the gentleman is recognized for one minute. >> this is not so much about stopping foreign oil as it is about the way we produce electricity in america. today, 58% of all electricity produced in america is produced with coal. this bill will require the use of permits to burn coal. in my state of kentucky, the utilities believe, and they've

looked at this closely that in order to comply with this legislation, they will have to spend an additional $500 million. as we look around the country we see that only about eight states will really benefit in the sense that their electricity rates will not go up. the problem with this is that as you increase the cost to produce electricity, that makes the united states less competitive in the global marketplace because when companies decide where they're going to locate and build new plants, they look at cost of production. and one big cost is electricity. so those of us who oppose it do so genuinely because we believe that in a time when we're in economic recession, we should not be jeopardizing more jobs. thank you. the speaker pro tempore: the gentleman's time has expired. the gentleman from california. mr. waxman: i am pleased at

this time to yield -- is this for purpose of a colloquy? one minute to the gentlelady. the speaker pro tempore: the gentlewoman from illinois is recognized for one minute. >> i thank the gentleman for yielding. i am pleased as you are with the work of the agriculture committees and what we've done to help agriculture producers and land owners in this bill. i would like to clarify provisions in this bill, exchange for early action offset credits and section 740, requirement of early offset supply. these provisions attempt to fairly compensate farmers and other who was been enrolled in voluntary offset programs since 2001. i have noted the legislative goal of providing equity and fairness to those early actors and believe that further clarity would improve the

understanding of those who are eligible under the requirements in section 740. therefore, to remove the possibility of uncertainty or economic harm to the holders of potential credits under section 740 and those that would be compensated under section 795, it is my understanding that registries like the chicago climate exchange and their partners qualify in all respects -- the speaker pro tempore: the gentlewoman's time has expired. mr. waxman: i yield the gentlelady an additional 30 seconds. mrs. halvorson: i believe this is in the spirit of the legislation. is that the chairman's understanding? mr. waxman: the gentlewoman is correct that the provisions are intended to fairly compensate farmers and their partners who enrolled in voluntary programs and taken early action to reduce car bonn pollution. all existing offset programs would meet the requirements of section 740.

we expect that offcelt credits registered with the chicago climate exchange along with the credits from other recognized voluntary programs will provide an important source of offset credits in the lir years of the program. mrs. halvorson: i thank you, mr. chairman and yield back some time. mr. barton: i planted some trees on my grandfather's farm 30 years ago, i hope that qualifies under that section of the bill. i want to yield two minutes to the distinguished gentleman from arizona, mr. shadegg. the speaker pro tempore: the gentleman is recognized for two minutes. mr. shadegg: i thank the speaker i thank the gentleman for yielding. passing this bill at this time would be a tragic error. it cannot be justified on a cost benefit analysis. every day we make decisions in our lives by balancing the costs of our decisions with the benefits of those decisions. and on that basis this bill

can't be justified. as a republican who crossed my leadership on many major profile bills, i urge my colleagues on the other side who are being pressured and all my colleagues who have doubts to carefully think through this vote. crossing your leadership is not fun or easy but sometimes it's the right thing to do. i know, i've done it. first, while we have been told that the science on this issue is settled, it clearly is not. it's becoming less and less settled every day. carbon dioxide emissions in the united states have gone up every year since 2001. but global temperatures have remained flat. carbon dioxide emissions going up, global temperatures have been flat since 2001. they've stopped going up almost a decade ago. more and more scientists are coming forward every day casting doubt on the ajedge -- alleged consensus that

greenhouse gases are causing global warming. gee an simpson, the first woman in america to receive a meteorological ph.d. expressed relief on her retirement last year, saying she could now speak freef freehly about her nonbelief. a japanese environmental physical chemist recently said, and he contributed to the u.n. climate report he called man-made warming the worst scientific scandal in history. second, even if you assume that manmade greenhouse gases and carbon dioxide are causing global warming this bill can't be justified because it doubles the cost of reducing carbon dioxide emissions. witnesses testified before our committee that they can control costs, control co-2, but that the cost of doing so under this bill would be twice as much. and why is that? it's because they have to pay first to buy carbon credits, and then they have to spend the

capital to improve their plants. the speaker pro tempore: the gentleman's time has expired. mr. barton: i yield the gentleman 15 seconds. the speaker pro tempore: the gentleman is recognized for 15 seconds. mr. shadegg: those costs get passed on to american consumers. why should we double those costs? my colleagues on the other side want the revenue of the credits that have to be purchased. that money ought to go into the cause. but it won't. i urge my colleagues to vote against the dangerous bill. the speaker pro tempore: the gentleman from california. mr. waxman: i'm pleased to yield for purposes of a colloquy, the distinguished chair of the agriculture committee, mr. peterson. the speaker pro tempore: the gentleman is recognized for one minute. mr. peterson: i thank the chairman for his action on this bill and ask him to engage in a colloquy regarding subtitle e, tite 3g, regarding a host of

act. these provisions are among those tra triggered referral of h.r. 24454 to the ag committee which has jurisdiction. some of this would deal with over the counter energy derivatives, mirror provisions and legislation, passed by our committee in february. other provisions are similar and others are wholly different. h.r. 977 is awaiting action in the financial services committee. as the gentleman know the financial services and agriculture committees will be working on financial legislation reform, part of which will include derivative reform. as such, chairman frank and i initially rejected the inof the amendments in the h.r. 24 a 4, however we understand that some members feel strongly about sending a signal to address speculation in derivative markets and rein in wall

street. mr. waxman: i yield 30 additional seconds. the speaker pro tempore: the gentleman is recognized. mr. speeter -- mr. speeter -- peterson: we had the understanding that this would take place in the contest of legislation. i want to confirm this. mr. waxman: the gentleman has correctly described our understanding. mr. peterson: i thank the gentleman and i look forward to working with him on this bill as it moves through the legislative process. the speaker pro tempore: the gentleman from texas. mr. barton: i yield myself 15 seconds to explain what they just said. what they said is you've got something in the bill we don't agree with, but we're going to let you put it in the bill with the understanding that we'll take it out later on. i want to yield two minutes to

the distinguished member of the committee, mr. waled run of oregon. the speaker pro tempore: the gentleman is recognized for two minutes. mr. walden: i want to talk about a couple of things here, process, cost, and language. this is the 309 pages printed at 1:34 in the morning and submitted to the rules committee sometime around 2:49 this morning. nobody, it's impossible, i can't imagine anybody has read this i just discovered they've changed the hide roe language so hide roe, -- hydco, they used to -- hydro, they used to say it counted, now they chave changed it. it's page after page of -- of technical changes with major impact. nine committees this was referred to, only one was allowed to have a markup. a lot of this got put together,

dark of night, back room deals, no committee has held a hearing on this new bill, 309 pages amending the 1,201 pages sitting there on the desk. look at fuel costs. $811 more for oregonians in 2012. if you're a pacificorp customer in oregon, you can expect to pay 9.7% more in electricity costs. talk about a massive new welfare program for energy, it's in here too. in fact this energy tax refund in effect this proposed energy stamp bill, was in here 16 times. the current u.s. welfare program. 16 times. it's a whole new welfare program for energy. if energy costs aren't going up on the rest of us, why do they have to have this? why do they have to have this? because it does drive up energy costs. that's going to hurt small

business people, it's going to hurt families, it's going to cost jobs. we don't know for sure what else it does. because i can't imagine anybody on this floor has read every word of this bill that was filed at 1 -- 2:49 a.m. in the rules committee and been able to juxtapose what's here against the 1,201 pages. i urge a no vote on this bill. the speaker pro tempore: the gentleman from california. mr. waxman: i'm pleased to yield to the distinguished representative from the state of iowa, mr. boswell, one minute. the speaker pro tempore: the gentleman is recognized one minute. mr. boswell: i ask unanimous consent to revise and extend my remarks. the speaker pro tempore: without objection. mr. boswell: i rise with some reservation but support h.r. 2454. i'm pleased with the deal between chairman peterson and chairman waxman to protect american farmers. they are to be commended for their hard work. this bill makes tremendous progress in jobs energy,

national security and the environment. one troubling issue remains a formula partially based on retail sales means consumers in coal-reliant states like iowa and the midwest who need the most help will see greater rate decreases than consumers in other parts of the country. iowans are struggling to repay student loans, put food on the table, why are we asking them to shoulder more of the burden than others? this is not fair. this bill is worth supporting but it is my hope that when the house addresses this legislation again, the allocation formula will be more equitable for yeaians and mid westerners alike. . mr. barton: i yield three minutes to the the gentleman from michigan, mr. upton. the speaker pro tempore: the gentleman is recognized for three minutes.

mr. upton: there is an old saying, will the last one out please turn off the lights. well, this bill turns out the lights for many americans. and no matter what you say, this bill does not have the job protections that will permit jobs leaving our country to prevent jobs from leaving our country and going to india and china. what do you tell that small refinery that came to our committee couple of weeks ago. it is going to cost $150 million to ramp up their changes that they are going to have to do and will end up going out of business. that petroleum is going to be made someplace else. what do you tell the small company i visited last month in niles, michigan. company figures out that their energy costs are going to increase by perhaps as much as $20,000. they are thinking they want to stay about business and thinking

to tell folks not to come to work during the day but come at night. there are more coal-fired plants in china than there are in the united states, india and britain combined and it's going to double by the year 2030. emissions in china are going to grow by 86%. what does this bill do about emissions in china or india? it does nothing. environmental restrictions in this country, protections are the reason why steel per ton has 1/3 the emissions in this country than in china. we want those jobs to stay in this country and not go to china. michigan, my state, we are already at 15% unemployment and maybe heading towards 203rs. we are going to have as many as 100,000 people lose their benefits that they're receiving

today because those benefits will be exhausted. i didn't come up with the figure that gat lean costs were going to increase 77 cents a gallon or diesel prices going up 88 crens -- cents a gallon. i hope and pray that they're wrong, because i want to protect our workers here to make sure we can grow jobs, not lose them. consumers energy came up with a study, a major utility in my state, that shows the estimate of the impact, including certain requirements in this bill are going to grow as much as 38% by the year 2024. some folks say it's only going to cost a postage stamp. i'm glad i bought a lot of promise stamps, because these stamps are good for life. if they're not worth 44 cents, these may be worth thousands of

dollars a piece based on what these costs are going to do to the average consumer. we as members of congress may have to declare these on our financial disclosure reports if you bought more than 10 of them. i yield back. the speaker pro tempore: the gentleman's time has expired. the gentleman from california. mr. waxman: i yield to the gentlelady from the state of texas money one minute. the speaker pro tempore: the gentlelady from texas is recognized for one minute. ms. jackson lee: we have been working on this, because i come from an area that certainly has invested in the energy industry with a number of jobs that are tied, huge numbers of jobs. to my constituents, we are working on your behalf today. this does not discount our commitment to this nation. 1.7 million jobs will be

created. there will be savings and $29 billion in consumer savings will occur. also i appreciate the chairman for working with me to ensure that we are investing in small business guaranteeing that minority and women-owned businesses will be involved in competition, language amendments that i got into this legislation. in decision, -- addition, we are questioning whether older homes will be impacted. i want to work with the chairman to ensure we will have additional protection for older homes. jobs, we're going to protect jobs. and there's language in the bill that i wish my friend -- mr. waxman: yield another 30 seconds. ms. jackson lee: i wish my friends would read, because we incease that the secretary of labor shall monitor the potential growth of affected and displaced workers, if any, and continue to have the funding, language that i got in the bill, to ensure they're not left out in the cold.

there are those that are saying, mr. chairman, in spite of the work that our low carbon technologies will not be fast enough and lose petroleum jobs. i believe we can work through this. i asked the chairman and would like to yield to the chairman -- mr. waxman: i take my time back and say to you, they are wrong. this bill is going to produce breakthroughs and pushes the development of new technology and will lead to more jobs and i look forward to working with you. you have played an important role and made contributions to this legislation. the speaker pro tempore: the gentlelady's time has expired. the gentleman from texas. mr. barton: could i inquire as to the rhyme remaining. the speaker pro tempore: the gentleman from texas has 221/4 minutes remaining. mr. barton: i yield to a member of the committee, dr. burgess, one minute.

the speaker pro tempore: the gentleman is recognized for one minute. mr. burgess: madam speaker, last night i offered an amendment that would prohibit the transfer or receipt of carbon credit derivatives. why is that important? this bill will ensure the price for carbon and trading. this is a breeding ground. we are aware if there is a price, wall street will find a way to option swap or hedge and cease trading and the current financial crisis has heightened our use of the use of derivatives. here's the problem, none of us can visualize a ton of carbon dioxide, yet that's what we will be buying. where would you put it? what kind of container would it come in? in fact, we had hearings in our committee about problems with the futures market in trading oil, but at least someone has to take possession of that oil. no one has to take possession of

that chunk of blue sky that we are going to call a ton of carbon dioxide. my amendment would vice president stopped the next enron before it starts. unfortunately, my attempt to prohibit this activity was denied. i can only ask why. i yield back. the speaker pro tempore: the gentleman's time has expired. the gentleman from california. mr. waxman: madam speaker, i yield to the gentleman from new jersey, mr. rush, for the purpose of a colloquy, one minute. -- excuse me, mr. rush holt. the speaker pro tempore: the gentleman is recognized for one minute. mr. holt: madam speaker, i thank the chair. energy, climate and environment are principal subjects that i have spoke on and worked on for decades before i came to congress and since. the principal reason is why my constituents sent me to congress. i admire the skill and his efforts to reduce the release of

greenhouse gases. but i'm concerned the bill does not include the research funds necessary to reach the target of 80% emission reductions set in the bill. we must transform the way we produce and use energy. we cannot meet this goal with today's technology. and this bill, as written, will not provide the billions of dollars needed to find and develop the future technology. i'm here to ask the chairman of the committee that he will work with me to increase the amount of research and development funding in this bill and other legislation that we need in order to reduce our reliance on foreign oils and slow the rate of growth of climate change. mr. waxman: i thank the gentleman for his comments. there is much in this bill to promote research and bring about -- yield myself another 10 seconds. i agree that we need billions more in resevere and development funding into new innovative ways. i pledge to work with you to provide additional funding for

energy research as this bill moves forward. the speaker pro tempore: the gentleman's time has expired. the gentleman from texas. mr. barton: i yield to mr. buyer of indiana. the speaker pro tempore: the gentleman is recognized. mr. buyer: i ask to revise and extend my remarks in opposition to this legislation. the speaker pro tempore: without objection, so ordered. mr. barton: i yield two minutes to the former chairman of the judiciary and science committee, mr. sensenbrenner of wisconsin. the speaker pro tempore: the gentleman is recognized for two minutes. mr. sensenbrenner: thank you very much. i ask unanimous consent to revise and extend my remarks. madam speaker, this bill is not only everything that the opponents have said it is, but it is also a massive transfer of wealth from the united states to foreign countries. and the reason it is that is because this bill legalizes offsets. and over 40% of the offsets that had been created under the kyoto

protocol have come from china. the funds that come through purchase of offsets in foreign countries, will be the largest none military foreign aid bill that this house has ever passed. the chart that is beside me here shows that the $2.2 trillion in foreign giveaways is equal to 210 times the amount of money we give to help people on domestic heating oil and propane. 119 times the amount of money we give for making buildings more efficient. 111 times the money we give for clean vehicle technology. 33 times the money that we give for domestic natural gas consumers. 11 times the amount that we give for the domestic industrial sector. and five times the amount that we give to help out our domestic

electric consumers. madam speaker, this money should be spent at home. we have enough problems at home that we have to deal with. and i think the congress has recognized this. but let's not send more money overseas. money that will come through higher prices at the pump, higher bills from our utilities, higher food prices when we buy them in the supermarket. vote this bill down and keep the money at home. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from california. mr. waxman: i yield two minutes to the the gentleman from massachusetts, chairman frank, for purposes of a colloquy. the speaker pro tempore: the gentleman is recognized for two minutes. mr. frank: i yield to the the gentleman from from new york. mr. mcmahon: i rise chairman -- to thank chairman waxman for

this piece of legislation, which makes clear that the section of this bill that relate to energy commidity derivatives should be superseeded by congressional financial regulatory reform if it comes forward. the manager's amendment would add section 358 that renders null and void the section of the clean energy and securities act dealing with commidity derivatives and energy regulations that the congress adopts. i and many of my colleagues and the new democrat coalition have expressed concern about many of the provisions included in subtitle bae in this bill. this bill is not to set regulations. in coordination with the financial services task force, i will take the best ideas of the president, the congress to forge