Carbon trading scheme passed in finance ‘reform’ bill

July 27, 2010 10:29

The reason Harry Reid doesn’t need to push cap and trade is that its already a done deal in the Dodd-Frank bill. Hidden in the 2,315 page monstrosity know as the Dodd-Frank bill, is language creating an ‘interagency group’ to study and support ‘CARBON MARKETS’. Editorial

In a previous article ( Dems Ditch ‘Cap and Trade’ but don’t be fooled ) we warned that Reid and the cap and traitors were only changing the language on cap and trade even going so far as to hire a professor of neuroscience to help with  a message that could garner support. Now we find that the framework and agencies to implement cap and trade have already been passed in the 2,315 page monstrosity know as the Dodd-Frank bill.

On page 1,012 Section 750 ‘STUDY ON OVERSIGHT OF CARBON MARKETS’ the bill establishes an ‘INTERAGENCY WORKING GROUP’ which includes the Chairman of the Commodity Futures Trading Commission as Chairman of the group, Secretary of Agriculture, Secretary of Treasury, Chairman of the SEC, Administrator of the EPA, Chairman of the Federal Energy Regulatory Commission, Commissioner of the FTC, and the Administrator of the Energy Information Administration.

The group ‘ shall conduct a study on the oversight of existing and prospective carbon markets to ensure an efficient, secure and transparent carbon market‘.

Section 751 creates the ‘ENERGY AND ENVIRONMENTAL MARKETS ADVISORY COMMITTEE’ and makes said committee not subject to the Federal Advisory Committee Act which says ‘the function of advisory committees should be advisory only, and that all matters under their consideration should be determined, in accordance with law, by the official, agency, or officer involved’ and includes other public safe guards which can be ignored by this committee.

Global regulation and ‘fees’ are also set up in the bill. Section 752 ‘INTERNATIONAL HARMONIZATION’ requires the the Commodity Futures Trading commission, the SEC, and the prudential regulators (as that term is defined in section 1a(39) of the Commodity
Exchange Act
) to ‘consult and coordinate with foreign regulatory authorities on the establishment of consistent international standards with respect to the regulation (including fees) of swaps, security-based swaps, swap entities, and security-based swap entities and may agree to such information-sharing arrangements as may be deemed to be necessary or appropriate’.

Read the bill here

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