From Dow Jones:
Fearing another financial meltdown under a proposed multi-trillion-dollar greenhouse gas trading program, U.S. lawmakers are drafting legislation for strict regulation of the nascent market.
A cap-and-trade law would create a market–including for derivatives of emission allowances–for carbon emissions and would multiply trading opportunities for emitters, traders, brokers and investors
Rep. Greg Walden (R-Ore.) said many of the most exuberant, enthusiastic advocates of cap-and-trade are some of the same major institutional investors that were involved in the housing and commodity markets.
Sen. Maria Cantwell (D-Wash.) who chairs the Senate energy subcommittee, declined to give details but said she’s drafting legislation that would prevent manipulation or cash-rich market participants from cornering the market.
Read the full report at the link below.
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