Treasury Official Backs Carbon Auctions

Law360, New York (May 5, 2009, 12:00 AM EDT) -- Auctioning allowances under a cap-and-trade system would ensure that they are allocated to those who value them most, help avoid the creation of windfall profits for companies and provide revenue to assist low-income families in their transition to a clean-energy economy, an official from the U.S. Department of the Treasury said Thursday.

Alan Krueger, assistant secretary for economic policy at the Treasury Department, testified before the Senate Finance Committee that the Obama administration's proposed budget auctions 100 percent of the allowances under a cap-and-trade program....
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