Friday, March 27, 2009
McCarthy's week on the hill: all about energy
Rep. Kevin McCarthy (R-Bakersfield) shares his thoughts on the week in Washington. In his words:
"I am heading back to the district for a number of exciting district events including the unveiling of the Oil Worker’s Monument in Taft and then traveling to a wind farm in Tehachapi to announce a new piece of legislation that will provide a long-term extension of tax incentives for renewable energy.
"The week started with a hearing in the Financial Services Committee with Treasury Secretary Geithner and Federal Reserve Chairman Bernanke talking about their roles in the AIG bonuses, as well as Treasury’s plan to buy up toxic assets from banks. Tough questions were asked, but I think some remain unanswered, and for that reason, I joined the entire Financial Services Committee in approving a resolution for the whole House to vote on that would require Treasury to provide Congress with information about its actions related to AIG and the bonuses. I appreciate that the Secretary’s new toxic asset plan involves bringing private capital into this market, but am concerned that the specific proposal is not a true public-private, 50-50, partnership, and therefore leaves taxpayers more on the hook.
"As we continue to debate a budget filled with spending and borrowing that nears $4 trillion, one of the most significant concerns is how it addresses our energy needs. This budget pits energy sources against each other instead of harnessing the power of existing supplies, incentivizing the potential of renewables, and maximizing new technologies.
"It is very telling that as I travel throughout the district this Friday, we see an energy corridor that serves as a model for our energy policy. There is no magic answer to our energy challenges, which is why we must be committed to developing all types of energy for our nation. I will be traveling from the oil-rich area of West Kern County to the Tehachapi Mountains where wind energy is abundant. If you continue onward you head toward Mojave, Lancaster, or Ridgecrest, which are abundant in solar and geothermal.
"The legislation that I have introduced extends the production tax credit for renewable energy like wind to 2020. This would provide a decade of stability, so that we can grow the investment, jobs and renewable energy that will power our future."