The term "climate change" typically refers to global warming,
which many believe is caused primarily by greenhouse gas emissions,
carbon dioxide in particular. Congress is working to regulate
climate change, and there are substantial implications for the
In April, the House Energy and Commerce Committee began
consideration of a 648-page draft of the American Clean Energy and
Security (ACES) Act, which includes energy sections and sections
addressing climate change through a proposed "cap-and-trade"
A cap-and-trade system basically entails carbon rationing. The
federal government would place a cap on how much carbon dioxide
could be emitted in the U.S. annually and set emission caps for
businesses. This would be followed by an auction of emission
credits to businesses that emit more than their caps, generating
revenue for the federal government. Businesses could...
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