Mandatory Financial Scoring of Climate Impact on US Federal Budget
This Act requires the Congressional Budget Office (CBO) to calculate how new legislative proposals will affect greenhouse gas emissions and the resulting costs or savings for the federal budget. The goal is to integrate the long-term financial risks posed by climate change, which currently strain the economy and public finances, into budget analysis. This ensures citizens receive a clearer picture of whether proposed climate regulations will yield future financial benefits.
Key points
New Law Evaluation Rules: Congress must now measure how every new bill with a significant budget impact will affect pollution levels and what the financial consequences will be.
Cost of Pollution in Budget: The law mandates assigning a monetary value to the harm caused by greenhouse gas emissions (like carbon dioxide) to society, which must be included in budget analyses.
Increased Transparency: These assessments will be included in reports accompanying bills, giving citizens and policymakers a fuller view of the long-term costs and savings related to climate policy.
Status:
Expired
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