Bill Aims To Hand Carbon Market Oversight To CFTC

Law360, New York (July 8, 2009, 12:00 AM EDT) -- The U.S. Commodity Futures Trading Commission would be given full authority over markets that trade carbon allowances under a U.S. Senate bill that addresses regulation of a new cap-and-trade system.

Sens. Dianne Feinstein, D-Calif., and Olympia Snowe, R-Maine, said Tuesday their legislation is aimed at preventing Enron-like fraud in the new federal, state and regional carbon markets that will be established under the cap-and-trade system to reduce greenhouse gas emissions.

Carbon allowances are permits to emit one metric ton of carbon dioxide into the atmosphere. Polluters...
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