This is one hell of a scheme—they’ve basically created the idea of “carbon sins” and now Congressmen, like ravenous wolves, are fighting over what agency will potentially get to “regulate” the trillion-dollar carbon indulgences market. The new Dark Age has begun.
Carbon Market With Trillion-Dollar Potential Sparks Early U.S. Turf Fight
Bloomberg, March 27th, 2009
Representative Edward Markey says his committee should be in charge. No, says fellow Democrat Collin Peterson, this one should fall under my panel.
Markey and Peterson are jockeying for control of the biggest regulatory plum to hit Washington in years: a proposed system for trading carbon-dioxide permits that would be one of the world’s largest derivatives markets.
Depending on which lawmaker prevails, the market would be monitored by the Federal Energy Regulatory Commission, which is overseen by a subcommittee headed by Markey, or the Commodity Futures Trading Commission under the supervision of the Peterson-led House Agriculture Committee.
The winning agency would set the rules for a market that could reach $1 trillion in trades annually by 2020…
“There’s money riding on this; that may in fact explain some of the political posturing.” [no kidding]