"NEW SECTION.  Sec. 3   ECONOMIC ANALYSIS. The office of financial management, in consultation with the speaker of the house of representatives, the minority leader of the house of representatives, the president of the senate, and the minority leader of the senate, shall initiate an independent economic analysis of the impact to Washington consumers, businesses, and citizens assuming Washington implements a program to reduce greenhouse gas emissions by the levels stated in RCW 70.235.020. The economic analysis must be submitted to the legislature by December 15, 2009, and updated each year until 2020. The economic analysis must include:
     (1) The economic impact sector by sector, including the impact to the agricultural sector, forest products manufacturing sector, Washington's port districts, and industries that consume large amounts of electricity;
     (2) How to address trade competition from countries and states that are not participating in a greenhouse gas emission reduction program, including a cap and trade program;
     (3) The impact on the cost and affordability of food, housing, energy, transportation, including gasoline and diesel fuel, and other routine expenses; and
     (4) The capital investment necessary, and the impact on the wholesale cost of electricity, to reduce output from fossil fuel generation in Washington, assuming no loss of electrical generation and expected reduction of gross domestic product."