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To overcome the problem of incompatibility and to achieve economies of scale, Gore obtained Congressional legislation to fund research and development of a standardized and easily replaceable plug-in battery for all hybrids. Recharged batteries are now available at most automobile service stations across the country and easily allow for long-distance travel primarily using battery power.
Most American automobiles and small trucks are now hybrid powered and tens of thousands have been exported, along with interchangeable "American Hybrid" batteries, throughout the world.
Even though Americans continue to enjoy a service and consumer economy, the balance of payments deficit has declined steadily, as manufacturing and technological innovations have driven exports.
During the 2004 election, President Gore established a goal for the United States to produce "100 percent of its electricity from renewable energy and truly clean carbon-free sources within 10 years."
Beginning with a concrete plan to establish a Unified National Grid, the Gore administration pushed through legislation giving tax credits for utility companies to upgrade their transmission lines and to connect to the Grid, requiring them to purchase electricity from private and public wind and solar installations at market rates, and establishing uniform building codes for the installation of solar roof collectors and water heaters, wherever feasible.
With the installation of hundreds of thousands of roof solar collectors, the price of specialized silicon used in solar cells continues to drop, and as small towns and farmers throughout the Midwest have established public and private wind farms, the generation of electrical power has soared.
2005
President Gore announced an even more ambitious environmental and energy goal in 2005. He proposed that the United States energize all of its national highways with free electrical power within 15 years using space solar energy transmitted by microwaves from outer space.
Just as Americans once placed an astronaut on the Moon within a decade, the first heavy lifters are already moving gigantic arrays into orbit for assembly, microwave collectors and transmission lines are being constructed in the Southwest deserts, and the Interstate highways are being prepared for the installation of mutual inductance interfaces to transmit energy to vehicles.
The project is currently on time and on budget, with a fully operational date set for 2020.
The combination of these initiatives not only set the United States on course to become fully energy independent, but they were a substantial boost for the economy. An abundance of well-paying, high-tech jobs was created for American workers; however, President Gore was displeased to see that some American businesses were shifting operations overseas to take advantage of low-cost labor.
President Gore pushed Congress to amend the tax codes to eliminate business deductions for salaries paid to workers outside the United States. The outsourcing of jobs was substantially reduced by this change and has contributed to the very low unemployment rate enjoyed during the last eight years.
As the economy soared and the value of the dollar strengthened, President Gore’s financial advisors became increasingly concerned about the effects of a 1999 law passed in the last days of the Clinton administration that effectively repealed a depression-era law which had prevented combinations of investment and deposit banks and insurance companies.
The Gore administration sought legislation to stop and reverse the "megamergers" taking place between banks and insurance and securities companies.
Testimony and staff investigations during the Congressional hearings on the legislation also revealed major potential problems with the unregulated trading of derivatives, the unrestricted making and reselling of mortgages and the out-of-control activities of hedge funds and their managers.
The Omnibus Financial Regulation Act of 2005 established reasonable regulations of these financial activities, and it imposed limits on executive compensation and certain lobbying activities.
