Who Will Regulate U.S. Carbon Markets?

If the United States is going to set up a cap-and-trade system similar to the one in Europe in an effort to reduce greenhouse gas emissions, who will regulate the new carbon market?

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That question has yet to be settled.

As written in the Senate climate bill introduced on Wednesday, the job would go to the Commodities Futures Trading Commission, an organization that currently oversees the commodity futures and option markets in the United States.

In the House climate bill, passed in June, the Federal Energy Regulatory Commission would assume the main responsibilities — with the C.F.T.C. handling only the trading of carbon “derivatives.”

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