Cap-and-Trade Reauthorization Legislation Makes the Deadline, Could Be Approved on Friday - Streetsblog California

"The final draft of legislation must be submitted to the legislative clerk's office 72 hours before it can be voted on. With a Friday deadline to pass legislation, the cutoff was 12:01 a.m. this morning, meaning it is now officially too late for any changes. However, late last night a deal was reached between legislators and Governor Gavin Newsom's office, clearing the way for the legislature to reauthorize the Cap-and-Trade program before the clock strikes midnight on Friday."

"Heading into the final week of the legislative session, it looked as though Cap-and-Trade reauthorization might be dead in the water. Two weeks ago, the Los Angeles Legislative Delegation demanded that more Cap-and-Trade funds flow to the Southland. Over the last week, business groups warned that lawmakers had waited too long, arguing that reauthorization could wait another year. Details on the compromise are still emerging, and Streetsblog will update this story later today and throughout the week."

"For now, here's what is known: The legislature needs to pass Assembly Bill 1207 and Senate Bill 840, which contain identical language for the governor to sign. This circumvents the usual process where a piece of legislation is passed in the house where its author presides and then goes to the other house for another round of committee hearings and a floor vote."

The final-draft submission deadline required bills be filed 72 hours before a vote, creating a 12:01 a.m. cutoff this morning. Lawmakers and Governor Gavin Newsom's office reached a late-night deal to allow reauthorization of Cap-and-Trade before Friday midnight. The legislature must pass Assembly Bill 1207 and Senate Bill 840, which contain identical language for the governor to sign, thereby bypassing the standard inter-house committee and floor-vote process. The reauthorization fixes housing and transportation continuous appropriations as set amounts rather than percentages, enabling long-term planning for large transportation projects including California High-Speed Rail. The compromise creates a $250 million continuous appropriation for Assembly Bill 617 to support frontline communities.

Read at Streetsblog