Strategies to Promote U.S. Economic Recovery and Long-Run Growth: What Role for Energy and Climate Change Policy?

Mr. Chairman and members of the House Select Committee on Energy Independence and GlobalWarming, my name is Margo Thorning, senior vice president and chief economist, American Council for Capital Formation (ACCF), Washington, D.C. I am pleased to present this testimony to the Committee.

The American Council for Capital Formation represents a broad cross-section of the American business community, including the manufacturing and financial sectors, Fortune 500 companies and smaller firms, investors, and associations from all sectors of the economy. Our distinguished board of directors includes cabinet members of prior Democratic and Republican administrations, former members of Congress, prominent business leaders, and public finance and environmental policy experts. The ACCF is celebrating over 30 years of leadership in advocating tax, regulatory, environmental, and trade policies to increase U.S. economic growth and environmental quality.

Chairman Markey, Ranking Member Sensenbrenner, and the members of the Select Committee on Energy Independence and Global Warming are to be commended for their focus on improving the current sluggish U.S. economy as well as enhancing energy security and reducing the growth of greenhouse gas emissions so as to mitigate the threat of human-induced climate change. The questions we need to ask are first, what policy options will do the most to restore strong U.S. economic growth and second, how do energy and climate change policy fit into the picture? My testimony will address these key issues.

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