"Senate Minority Leader Chuck Schumer said if Democrats win control of the chamber next year, he would put an ambitious plan on the floor to remove gas-powered vehicles from American roads by 2040.

Schumer’s $454 billion plan echoes “cash-for-clunkers,” a short-term vehicle scrappage incentive Congress enacted roughly a decade ago to give a boost to plummeting auto sales during the financial crisis and clean up the U.S. fleet.

Consumers would be given a “substantial” cash voucher to trade in older gasoline-powered cars for U.S.-assembled electric, hybrid or hydrogen fuel cell autos, with additional rebates for lower income families. That part of the plan would cost $392 billion and would replace 25% of the U.S. gas-vehicle fleet with clean vehicles after 10 years, Schumer’s office said."

Chelsea Mes and Ryan Beene report for Bloomberg October 24, 2019. [2]