Earl Blumenauer: “Republicans used to believe in market forces. They were part of a bipartisan effort to reduce acid rain, which had a…”

“Republicans used to believe in market forces. They were part of a bipartisan effort to reduce acid rain, which had a cap, which in the short term increased price, but drove innovation. We solved that problem for a fraction of the alternative costs. Denying the ability to price carbon is turning our back on innovation, turning our back on what the rest of the world is doing, and providing more opportunities for Americans. I hope at some point they will rediscover the power of market forces and join us in efforts with the legislation that we have passed to harness those market forces and promote American innovation, as we are seeing now under the Inflation Reduction Act. Mr. Speaker, I yield 2 minutes to the gentleman from California (Mr. Carbajal).”