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of H.R. 1424 to pass the House by a vote of 263-171. It was signed into law by President Bush on October 3, 2008, and became public law number 110-343.34 Factors Assisting Bill Passage The Energy Improvement and Extension Act was eventually passed as a part of a much larger bill targeted at tackling the most pressing issue for U.S. citizens at the time - the crumbling economy. H.R. 6049 was a popular bill in its original form and was actually used to draw more support for H.R. 1424 at a time when Congress was under tremendous pressure to act quickly to address the declining stock market and failing financial system. Notably, it did not incorporate extensive new tax credits and incentives, but mainly extended existing credits beyond their previously set expiration dates and clarified some controversial definitions of what did and did not qualify for these credits. Features of Upcoming Energy Proposals from the President and Congress In his Inaugural Address on January 20, 2009, President Obama professed his commitment to tackling the current energy crisis stating, “To finally spark the creation of a clean energy economy, we will double the production of alternative energy in the next three years.”35 To attain this goal, he has proposed a New Energy for America plan that will include initiatives to help create five million jobs by strategically investing $150 billion over the next 10 years and ensure that 10 percent of U.S. electricity comes from renewable sources by 2012, and 25 percent by 2050.36 President Obama’s first legislative priority was the passage of the American Recovery and Reinvestment Bill of 2009, aimed at providing long-term economic growth through job creation, tax cuts, and strategic investments. The package included the Clean, Efficient, American Energy initiative that provides $32 billion to transform the nation’s energy transmission grid and invest in renewable energy, $16 billion to repair public housing and make key energy efficiency retrofits, and $6 billion to weatherize modest- income homes. 37 Congressional committees are currently developing energy policy and global warming legislation. Newly appointed Energy and Commerce Chairman Henry Waxman, D- Calif., set a Memorial Day, 2009, deadline for presenting a comprehensive package of proposals to Congress. Rep. Ed Markey, D-Mass., the new Chairman to the Subcommittee on Energy and the Environment, will push a cap-and-trade proposal co- authored in 2008 by Rep. John Dingell, D-Mich., and Rep. Rick Boucher, D-Va. The proposal places limits on greenhouse gas emissions and allocates emissions credits for trade, sale or investment.38 Most recently, top officials in the Obama administration declared that the EPA will be expected to regulate greenhouse gas emissions contributing to global warming.39 The decision would have an impact on the transportation sector, as well as utility costs and 129PDF Image | Shaping Energy Technology Transition
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