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Photo: Alex Wong/Getty Images

Janet Yellen, President Biden's nominee to run the Treasury Department, has made clear to senators that her boss supports carbon pricing, but how that backing translates to policy is unknown.

Driving the news: "I am fully supportive of effective carbon pricing and I know that the President is as well," Yellen said in written answers to Senate Finance Committee members' questions published Thursday.

  • "We cannot solve the climate crisis without effective carbon pricing," she wrote.
  • "The President does support an enforcement mechanism that requires polluters to bear the full cost of the carbon pollution they are emitting."

What we don't know: What that "enforcement mechanism" might mean. Carbon pricing typically refers to taxes or emissions trading systems.

Background: Yellen is on record supporting a proposal that would tax emissions and then return revenues to the public. But carbon taxes have little political traction on Capitol Hill, and emissions trading systems are a heavy lift in Congress, too.

  • Most Republicans don't like them, while Democrats and many activists are putting a higher priority on other climate policy ideas.

The intrigue: There could be some avenues that don't require Congress (but would likely face litigation).

  • The Obama-era Clean Power Plan to cut power plant emissions gave states the option of using CO2 trading to meet their requirements.
  • But the overall rule never took effect due to a Supreme Court stay.

What to watch: Yellen said she'll continue discussing her views with Biden and other people in the administration.

Go deeper

Robinhood has a stacked policy team — and it's going to need it

Photo Illustration: Justin Sullivan/Getty Images

The stock-trading app Robinhood has an arsenal of political power brokers it can deploy on its behalf as it faces congressional inquiries over its role in an internet-fueled market manipulation frenzy.

Why it matters: The populist, discount trading platform is going to need that firepower because its decision to suspend trading of stock in GameStop and a number of other companies on Thursday has sparked criticism and promised inquiries from both sides of the aisle.

Updated 24 mins ago - Sports

MLB headed for first lockout since '95 as deal expires

Baseball Commissioner Rob Manfred (L) and Major League Baseball Players Association executive director Tony Clark. Photo: Matt King/MLB via Getty Images

Major League Baseball's collective bargaining agreement expired at 11:59 p.m. ET Wednesday without a new deal in place.

Why it matters: With no CBA, the MLB is headed for the first management lockout since a 1994-95 strike led to the cancelation of the World Series for the first time in 90 years.

Media giants back Bannon's bid to release Jan. 6 documents

Former Trump adviser Steve Bannon at the FBI Washington Field Office in Washington, DC., in November. Photo: Win McNamee/Getty Images

A coalition of news outlets including the Washington Post is supporting Stephen Bannon's campaign for the release of documents related to his contempt of Congress charges, WashPost confirmed Wednesday.

Why it matters: WashPost, the New York Times, CNN, NBC, the Wall Street Journal's parent company and others filed a motion arguing that a proposed protective order seeking to prevent the documents from being released violates the First Amendment, per the Daily Mail, which first reported on the news.