Market-Based Greenhouse Gas Emission Reduction Legislation: 108th Through 116th Congresses [Updated January 29, 2020] [open pdf - 1MB]
From the Document: "Congressional interest in market-based greenhouse gas (GHG) emission control legislation has fluctuated over the past 15 years. During that time, legislation has often involved market-based approaches, such as a cap-and-trade system or a carbon tax or emissions fee program. Both approaches would place a price--directly or indirectly--on GHG emissions or their inputs, namely fossil fuels. Both would increase the price of fossil fuels, and both would reduce GHG emissions to some degree. Both would allow emission sources to choose the best way to meet their emission requirements or reduce costs, potentially by using market forces to minimize national costs of emission reductions. Preference between the two approaches ultimately depends on which variable policymakers prefer to precisely control--emission levels or emission prices."
CRS Report for Congress, R45472
Congressional Research Service: https://crsreports.congress.gov/