U.S. Sen. David Vitter (R-La.), top Republican on the Environment and Public Works Committee, made the following statement about President Obama's new regulations on carbon emissions from existing power plants as part of his Climate Action Plan.

"This rule is all pain, no gain," Vitter said. "American families and businesses will have to shoulder all the costs and burden from this rule without contributing to any significant reduction in global carbon emissions. It's cap and trade all over again - but this time without giving the American public a voice to vote on it in Congress. This rule is just a payday for President Obama's friends and political allies."

This rule is expected to have a less than 2% impact on carbon emissions reductions because it will not impact the world's largest carbon emitters like China, India, and Russia. However, the rule will impose less reliable electricity with much higher prices on all Americans.

Last week, the U.S. Chamber of Commerce released a report showing how a rule such as the one released today would decrease a family's disposable income by $3,400 through 2030 and reduce annual household income by $200. The report also estimates a loss of 224,000 jobs per year between 2014 and 2030.