Expresses the sense of the Congress that the United States should act to reduce risks posed by global climate change and to foster economic growth by: (1) participating in negotiations under the United Nations Framework Convention on Climate Change and leading efforts in other international fora with the objective of securing U.S. participation in agreements that advance and protect U.S. interests, that establish mitigation commitments by all countries that are major emitters of greenhouse gases, that establish flexible international mechanisms to minimize the cost of efforts by participating countries, and that achieve a significant long-term reduction in global greenhouse gas emissions; and (2) establishing a bipartisan observer group in the House of Representatives and the Senate to monitor international negotiations on climate change and to ensure that the advice and consent function of the Senate is exercised to facilitate timely consideration of any applicable treaty.