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Lawmakers and analysts warn securitizing cap‑and‑trade revenue for high‑speed rail would be risky because of revenue volatility
Summary
Senators and witnesses discussed high‑speed rail financing and whether future cap‑and‑trade revenues can back long‑term borrowing. Analysts said revenue volatility and program contingencies make securitization expensive and uncertain without a reliable backstop.
SACRAMENTO — Multiple lawmakers asked whether cap‑and‑trade auction proceeds could be securitized to fund major capital projects such as high‑speed rail. Witnesses cautioned the approach carries financial risks given the program's revenue volatility and legal contingencies.
Danny Cullenward and other analysts told the committee the program's auction revenues have fluctuated and are sensitive…
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