releases: https://web.archive.org/web/20140301141116/http://delaney.house.gov/media-center/press-releases/congressman-delaney-speaks-on-climate-change-during-financial-services
Data license: MIT · Data source: dwillis/congress-press
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| https://web.archive.org/web/20140301141116/http://delaney.house.gov/media-center/press-releases/congressman-delaney-speaks-on-climate-change-during-financial-services | Congressman Delaney Speaks on Climate Change During Financial Services Hearing with Treasury Secretary Jack Lew | 2013-12-12 | 2013 | 2013-12 | Democrat | House | MD | John Delaney | D000620 | web.archive.org | legacy | WASHINGTON – At today’s Financial Services Committee hearing with Treasury Secretary Jack Lew, Congressman John K. Delaney (MD-6) discussed the issue of climate change and questioned the Secretary on his views on a revenue-neutral market-driven carbon tax. The Treasury advises the president on financial, monetary, economic, trade, and tax policy. The exchange is below: Rep. Delaney: Thank you Secretary for joining us here today. I was going to frame my question around the issue of asset managers being systemically important which I don't think they should be deemed systemically important, but my good friend and colleague from Kentucky made me think about another question I want to ask you, kind of a follow up to what you were talking about and I’d just be interested in your opinion on this topic. If you were confronted with the following kind of policy question that was being posed to the president which is that we would implement some form of market-driven and market-based carbon tax and if the revenues produced from that form of a carbon tax were used entirely to provide a variety of tax breaks to individuals and businesses, so that it was a revenue neutral proposal but we actually had a true market-based carbon tax, which is something I am in favor of, but that the revenue is generated from something like that were entirely given back to the American population either through individual tax breaks or through corporate tax breaks. How would you advise the president to think about something like that, what would be your directional view on a step like that? Secretary Lew: Congressman, this has obviously been debated over many decades and I was part of an administration that proposed a BTU tax and was unsuccessful because it had such resistance in the 1990s, I think those are questions we have to look at in the right context in terms of comprehensive tax reform, looking overall at our tax system and how to make it more conducive to a growing efficient economy and the administration has not made any proposals yet. Rep. Delaney: I agree with you, obviously, the best way to do tax reform is on a comprehensive manner, both individual and corporate, but and I say this respectfully, I’m not trying to pin you down, if you were just presented with the option that I described, just directionally, I'm trying to get a sense on how you weigh these things because politically, when we think about a market-based carbon tax which allows the private markets to do what we, often times, try to have regulators do too much of, I'd much rather see the private market adjust behavior in a way that I think is in the best interest of us across the long-term, as oppose to try and regulate that behavior. But if we were to have a real market-driven carbon- tax and the only way that can be done politically was by taking tax revenues and giving them back to individuals and corporations through a variety of tax reductions. Do you think directionally that is something you would be supportive of or are you not at a point where you could comment on it. Secretary Lew: Congressman, I’m really not at a point to comment on it. I haven’t looked closely on this matter in recent years. I think that it would be a good thing to get deeply into the debate over broad tax reform in a context that helps deal with our long-term fiscal challenges. It isn’t enough to be revenue-neutral, it has to help solve the federal challenges we face, and we haven't gotten as deeply into that discussion as I would have liked. Rep. Delaney: But if it were just revenue-neutral, do you think its compelling enough to take this step towards behavior, that in my opinion, would change climate change. Secretary Lew: I appreciate you asking me a question for the third time, but I'm just going to have to say that I will have to look at it and get back to you. Rep. Delaney: Do you think climate change is a big economic risk to the United States? Secretary Lew: I do. Rep. Delaney: Do you think corporate tax rates are too high? Secretary Lew: I think that, as we've made clear, we think that it's important that we do business tax reforms, we lower the statutory rate and be more competitive, and flatten out some of the systems so it doesn’t distort economic decision making. Rep. Delaney: Ok, Thank you sir. I yield back. ## | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |