US Rep. Touts Permits As Carbon Market Alternative

Law360, New York (March 25, 2009, 12:00 AM EDT) -- A Washington congressman has proposed a bill in the U.S. House of Representatives that would require producers of coal, petroleum and other sources of carbon dioxide emissions to purchase a federal permit, arguing for an alternative to a proposed cap-and-trade carbon market that could be vulnerable to corruption or collapse.

U.S. Rep. Jim McDermott, D-Wash., on Tuesday introduced the Clean Environment and Stable Energy Market Act of 2009, which would amend the Internal Revenue Code to require sellers of a "greenhouse gas emission substance" such as...
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