Who is affected and how:

• Energy sector workers: Workers in fossil‑fuel and related energy industries may face job dislocation if the new tax/adjustment and related policy changes reduce demand; the bill creates a 10‑year transition program (training, placement, income support) to help displaced workers.

• Energy companies, utilities, and industrial manufacturers: Domestic emitters and companies that import or export carbon‑intensive goods will face new compliance obligations and potential tax costs (or border adjustments). Utilities and manufacturers may need to change operations, invest in emissions reduction or buy allowances/credits, or pass costs to customers.

• Households, especially low‑income households: The RISE Trust Fund directs some funding to annual State grants for eligible low‑income households, providing targeted relief. However, any higher upstream costs for energy or goods could also raise prices for consumers.

• State and local governments & infrastructure owners: New stable funding from the RISE Trust Fund for infrastructure, resilience, and flood mitigation offers grants and appropriations opportunities, but recipients must meet federal requirements (including prevailing wages and cost‑share rules) and administrative reporting.

• Federal agencies and regulators (Treasury/IRS, EPA, labor programs): Agencies will need to write complex regulations (implementing the tax and border adjustment, administering new grant programs, and responding to Commission requests). EPA’s rulemaking authority is narrowed in specified ways, changing agency regulatory strategies.

• Importers and exporters: The border greenhouse‑gas adjustment affects trade flows and competitiveness for carbon‑intensive imported products; foreign exporters may face higher U.S. costs, and U.S. exporters may see shifts in competitiveness depending on how adjustments are applied.

• Project labor and contractors: Projects financed by RISE funds must meet prevailing‑wage rules, increasing labor costs but raising job standards; contractors must comply with wage and reporting requirements.

Overall programmatic impact: The bill combines a tax-based carbon signal with a large, dedicated investment stream for infrastructure, resilience, and carbon removal while inserting new constraints on EPA regulatory options. That approach shifts emissions policy partly into tax and spending law and away from some regulatory avenues, creates new administrative burdens for federal and state implementers, and redistributes funding to designated priorities over a 10‑year window. The timing and scale of impacts will depend heavily on implementing regulations, allocation formulas, and how market actors respond to the border adjustment.