Foxx Cosponsors Energy Legislation

The following is from a June 11 press release from NC Congresswoman Virginia Foxx.

Foxx cosponsors sweeping energy legislation
Bill invests in nuclear power, renewable energy and offshore energy sources

WASHINGTON, D.C. – U.S. Representative Virginia Foxx (NC-05) today cosponsored The American Energy Act, an energy bill that promotes energy independence, job creation and environmental protections for new energy projects. The bill, in contrast to the energy policy currently being pursued by House Democrats, establishes a national goal of constructing 100 clean, modern nuclear energy plants over the next 20 years.

“Gas prices and utility bills are creeping up again, dealing another economic blow to North Carolina families,” Foxx said. “If we are going to emerge from this recession with a sustainable recovery, we must confront the coming crisis in energy. That’s why I’m pleased that we have a bill that paves the way for economic recovery through commonsense energy policies. Without a clean and abundant supply of energy, America cannot retain its place as the world’s economic powerhouse.”

The American Energy Act is an alternative to the “cap and trade” energy bill offered by Washington Democrats. Studies have shown that cap and trade policies (essentially a tax on energy) will dramatically increase the cost of energy for North Carolina families. Instead of taxing energy, the American Energy Act increases domestic energy supply by investing in renewable energy, tapping offshore sources of gas and oil, as well as increasing the availability and affordability of nuclear power.

“We haven’t built a new nuclear power plant in decades, despite the fact that nuclear power could provide a safe and clean source of energy for millions of households in America,” Foxx said. “Nuclear power already produces 73 percent of the zero emissions energy in America. The American Energy Act leverages the benefits of nuclear power by jumpstarting new investment in nuclear energy.”

About the American Energy Act: This comprehensive energy legislation directs revenue generated by the sale of energy production leases into a Renewable Energy Trust Fund that funds alternative and renewable energy sources. It also bolsters conservation and energy efficiency efforts through the use of proven tax incentives. Learn more about the American Energy Act by reading the backgrounder posted here.