Financial Regulatory Forum

US Sen. Graham calls cap-and-trade plan dead

WASHINGTON, March 2 (Reuters) – U.S. Senator Lindsey Graham said on Tuesday a proposed economy-wide cap-and-trade system for reducing emissions of carbon dioxide and other greenhouse gases was dead and would be replaced in a new bill.

Graham, a Republican, did not specify whether cap-and-trade might be used to control emissions in just one sector, such as utility companies, instead of earlier efforts for an economy-wide mechanism.

“The cap-and-trade bills in the House and Senate are dead. The concept of cap-and-trade is going to be replaced,” Graham said.

Democratic Senator John Kerry told reporters he hoped a compromise climate control bill could be put together this month, although many meetings still must be held. Graham told reporters it will be “weeks” before a bill is ready.

But Senator Joseph Lieberman, an independent working with Graham and Kerry, said a detailed outline of a bill could come within days.

US EPA moves on emissions as Congress stalls

U.S. Environmental Protection Agency Director Lisa Jackson announces a new Obama administration position that greenhouse gasses are a threat to public health at the EPA in Washington, December 7, 2009. REUTERS/Jonathan Ernst  By Timothy Gardner

WASHINGTON, Dec 7 (Reuters) – The U.S. Environmental Protection Agency on Monday cleared the way for regulation of greenhouse gases without new laws passed by Congress, reflecting President Barack Obama’s commitment to act on climate change as a major summit opened in Copenhagen.