Treasury Department Should Open Its Books on Climate Change Policy

November 18, 2009

Treasury Department Should Open Its Books on Climate Change Policy

Sensenbrenner: “Reveal climate costs before hoisting them onto our struggling economy”

Washington, D.C.– The Treasury Department should provide more information about the agency’s efforts to take a role in climate change policy and release all documents and memos relating to climate change issues, Reps. Jim Sensenbrenner, R-Wis., and Darrell Issa, R-Calif., said in a letter to Treasury Secretary Timothy Geithner.

One recently released Treasury Department memo policy revealed that the economic costs of climate change policy “will likely be on the order of 1 percent of GDP, making them equal in scale to all existing environmental regulation,” while another memo argued that the agency was “uniquely positioned” to take a larger role on climate change policy. Sensenbrenner and Issa said it’s likely that the Treasury Department has produced more documents on climate change policy issues and asked the department to release them. 
“One percent of GDP is more than $140 billion dollars and these costs will fall squarely on the energy sector,” said Sensenbrenner, ranking Republican on the House Select Committee on Energy Independence and Global Warming. “The Treasury Department should brief Congress on the potential costs of cap-and-tax or any other carbon control policy that the White House is considering. Members of Congress and the American public should know the considerable costs of these policies before they are hoisted onto our already struggling economy.”
“With the unemployment rate at 10.2 percent, job creation needs to be a priority and should not take back seat to the politics of the cap-and-trade agenda,” said Issa, ranking Republican on the House Oversight and Government Reform Committee. “It is critical that the Treasury Department not hide information about how much and how many jobs a cap-and-trade program will cost.  The secrecy of the Treasury continues to mock the President’s promises to create an open and transparent government.”
The letter requests all Treasury Department documentation dating back to Aug. 1, 2008  that covers the costs of clean energy investments, economic impacts of cap-and-tax and other climate policy proposals, details of renewable electricity standards, and any other documents that relate to climate policy.

Click here for the letter.


Select Committee on Energy Independence and Global Warming - Republicans
H2-344 Ford House Office Building
Washington, D.C. 20515
Phone: (202) 225-0110 | Fax: (202) 225-0095

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