Van Hollen, Beyer Reintroduce Their Bicameral Cap & Dividend Legislation

Today, U.S. Senator Chris Van Hollen (D-Md.) and Congressman Don Beyer (D-Va.) reintroduced the Healthy Climate and Family Security Act, legislation to price carbon through a ‘cap and dividend’ approach. This simple, fair, and effective plan would address the dangers of climate change and put more money in the pockets of hardworking Americans, increasing their spending power and growing our entire economy.

"This legislation takes a straightforward approach to tackling the climate crisis — it requires the biggest polluters to pay for the emissions they generate within established caps and returns the proceeds to American households. The result: less pollution and more money in the pockets of the American people,” said Senator Chris Van Hollen.

“As carbon emissions continue to rise and increasing global temperatures lead to more frequent and calamitous weather events, we must take concrete steps to reduce emissions and tackle the climate crisis,” said Congressman Don Beyer. “Our legislation offers a practical and efficient solution to address the climate crisis, spur clean energy innovation and boost economic growth by holding polluters accountable through the auctioning of permits to emit carbon under a continually tightening emissions cap. The revenue raised would then be returned directly into the pockets of American families in the form of a Healthy Climate Dividend. I thank Senator Van Hollen for his leadership on the Healthy Climate and Family Security Act and urge my colleagues to support this measure.”

The Healthy Climate and Family Security Act aims to cap carbon pollution and reduce CO2 emissions gradually but steadily. The legislation would cap emissions at 50 percent below 2005 levels by 2030 and then 90 percent below 2005 levels by 2050 — in keeping with the latest Intergovernmental Panel on Climate Change finding. It auctions carbon pollution permits to the first sellers of oil, coal, and natural gas into the U.S. market, and returns 100 percent of the auction proceeds electronically each quarter to every American in the form of a Healthy Climate Dividend. A University of Massachusetts Amherst study found that this ‘cap and divided’ approach would mean more than 80 percent of families would see more money in their pockets, even before taking into account the economic benefits of preventing the costly impacts of climate change.

The text of the bill is available here.