Climate Bills Pose Problem For Bankruptcy Lawyers

Law360, New York (January 14, 2010, 2:11 PM EST) -- In the U.S. Congress, efforts currently are underway to implement a cap-and-trade program to reduce the emission of heat-trapping pollutants such as carbon dioxide.

The American Clean Energy and Security Act of 2009, already approved by the House of Representatives, and the Clean Energy Jobs and American Power Act, currently under consideration in the Senate, will prohibit companies in high polluting industries from emitting heat-trapping pollutants without holding a corresponding number of “allowances” — essentially government-issued rights to emit a certain quantity of pollutants annually....
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