Stewart co-authors Wall Street Journal op-ed arguing for cap-and-trade environmental regulation

Stewart co-authors Wall Street Journal op-ed arguing for cap-and-trade environmental regulation

The House’s American Clean Energy and Security Act of 2009 (known as the Waxman-Markey bill) is “largely top-down regulation dressed in cap-and-trade clothing,” argue Richard Stewart, University Professor, John Edward Sexton Professor of Law, and director of the Frank J. Guarini Center on Environmental and Land Use Law, and David Schoenbrod, a New York Law School professor, in an August 24 Wall Street Journal op-ed.

In “The Cap-and-Trade Bait and Switch,” Stewart and Schoenbrod point out that, far from being the cap-and-trade program Barack Obama called for during his 2008 presidential campaign, the Waxman-Markey bill includes free allowances for electric utilities, car manufacturers, and states that comply with certain regulations; the “outright regulation” of numerous forms of emission; and subsidies for certain government-mandated technologies. Waxman-Markey’s initial cap on greenhouse gas emissions is lax, they continue, only to be dramatically increased around 2025, resulting in a “balloon mortgage pledge of big cuts…unlikely to be kept.”

Stewart and Schoenbrod urge President Obama to come down firmly on the side of real cap-and-trade emissions regulation. “Otherwise, Congress will pass something like the House bill or, worse still, won't legislate at all,” they write, leading to an even greater degree of top-down regulation of greenhouse gases by the Environmental Protection Agency. “Congress should instead apply to climate change the market-based solution that it successfully applied to acid rain nearly 20 years ago.”

Posted on August 24, 2009

Support NYU Law

We are at the forefront of legal education, and with your help we can continue the remarkable transformation that has brought us to this point.

Support NYU Law

Site Seeing

Looking for more? Try these pages:

About NYU Law
Blogs and Journals
Law School Magazine
Milbank Tweed Forum

Click to see more:
Expand